Investment Rating - The report maintains a "BUY" rating for RemeGen, indicating a potential return of over 15% over the next 12 months [12]. Core Insights - RemeGen achieved record product sales in Q3 2024, with revenue of RMB467 million, reflecting a 14% quarter-over-quarter and 35% year-over-year increase, driven by strong sales of RC18 and RC48 [1]. - The company narrowed its net loss to RMB291 million in Q3 2024 from RMB432 million in Q2 2024, indicating improved financial performance [1]. - The gross profit margin improved to 82.1% in Q3 2024, up from 78.3% in the first half of 2024, while the SG&A expense ratio decreased to 68.5% [1]. - RemeGen's total revenue for the first nine months of 2024 reached RMB1,209 million, representing a 57% year-over-year growth and aligning with expectations [1]. - The report anticipates continued strong sales momentum into Q4 2024 and beyond, supporting the company's FY24 sales target of over 50% year-over-year growth [1]. Financial Summary - Revenue projections for FY24 are estimated at RMB1,740 million, with a year-over-year growth of 61.7% [2]. - The net profit for FY24 is projected to be a loss of RMB1,268 million, improving to a loss of RMB967 million in FY25 and further narrowing to RMB275 million in FY26 [2]. - R&D expenses are expected to be RMB1,450 million for FY24, remaining stable in FY25, and slightly increasing to RMB1,502 million in FY26 [2]. - The gross profit margin is projected to be 80.31% for FY24, improving to 81.15% in FY25 and 80.81% in FY26 [7]. Valuation - The report revises the DCF-based target price from HK$19.59 to HK$21.09, reflecting a 28% upside from the current price of HK$16.48 [3][4]. - The DCF per share is calculated at HK$21.09, based on a WACC of 12.93% and a terminal growth rate of 2.0% [4][5]. - The market capitalization of RemeGen is approximately HK$8,970.6 million, with an average three-month turnover of HK$42.5 million [3].

Investment Rating - The report maintains an "Accumulate" rating for China Pacific Insurance (2328) and raises the target price to HKD 15.84 per share, corresponding to a 2024 P/B of 1.4 times [3]. Core Views - The company's net profit for the first three quarters of 2024 increased by 38% year-on-year, primarily driven by improved investment profits, while the underwriting side faced pressure [2][3]. - The report highlights a "Matthew Effect" in auto insurance, which has led to an improvement in the combined ratio (COR), while non-auto insurance has been adversely affected by catastrophic claims, resulting in a higher COR [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a net profit of CNY 26.75 billion, a year-on-year increase of 38.0%, mainly due to improved investment profits. The total investment return rate (not annualized) was 4.4%, up by 1.7 percentage points year-on-year [3]. - The underwriting profit decreased by 12.3% year-on-year, attributed to increased catastrophic claims, with the combined ratio rising by 0.3 percentage points to 98.2% [3]. Auto Insurance - Auto insurance premiums grew by 3.2% year-on-year in the first three quarters of 2024, driven by stable growth in the number of insured vehicles. However, the average premium per vehicle decreased by 1.1% year-on-year, although it improved by 0.8% compared to the first half of 2024 [3]. - The auto insurance COR for the first three quarters was 96.8%, a decrease of 0.6 percentage points year-on-year, benefiting from the company's scale effect and effective risk reduction measures [3]. Non-Auto Insurance - Non-auto insurance premium income increased by 5.9% year-on-year, primarily driven by health and liability insurance, which grew by 8.0% and 11.8% respectively. However, agricultural insurance saw a slowdown in growth, increasing by only 1.0% year-on-year [3]. - The underwriting loss for non-auto insurance was CNY 676 million, with a combined ratio of 100.5%, an increase of 1.9 percentage points year-on-year, largely due to natural disasters [3]. Future Outlook - The report anticipates that the recovery in the equity market will serve as a catalyst for improved performance [3].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | |-------| | | | | | | 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 盈利高增，资产质量稳中向好 青岛银行(3866) [Table_Industry] 商业银行 [Table_Invest] 评级： 增持 ——青岛银行 2024 年三季报点评 | --- | --- | --- | |----------|-----------------------------------|--------------------------------| | | [table_Authors] 刘源 ( 分析师 ) | 钟昌静 ( 研究助理 ) | | | 021-38677818 | 010-83939787 | | | liuyuan023804@gtjas.com | zhongchangjing028678@gtjas.com | | 登记编号 | S0880521060001 | S0880123070141 | 本报告导读： 青 ...

Investment Rating - The report maintains a "Recommend" rating for China P&C Insurance (02328 HK) with a target price of HKD 15 2 [1] Core Views - China P&C Insurance achieved insurance service revenue of RMB 364 306 billion in 2024Q1-3, a year-on-year increase of 5 3% Net profit reached RMB 26 750 billion, up 38 0% year-on-year, close to the upper limit of the previous performance forecast [1] - The comprehensive cost ratio (COR) for the first three quarters was 98 2%, up 0 3 percentage points year-on-year, mainly due to frequent natural disasters such as typhoons [1] - The total investment yield for the first three quarters was 4 4% (not annualized), an increase of 1 7 percentage points year-on-year, driven by the recovery of the equity market [1] - The company's premium growth accelerated, with motor insurance, health insurance, and liability insurance showing significant growth [1] Business Performance - In 2024Q1-3, the company's original premium income reached RMB 428 330 billion, a year-on-year increase of 4 6% Motor insurance contributed 49 8% of the original premium income, with a year-on-year growth of 3 2% [1] - Non-motor insurance premium income increased by 5 9% year-on-year, with health insurance and liability insurance growing by 8 0% and 11 8% respectively [1] - The COR for motor insurance was 96 8%, within the target range of 97%, while the COR for non-motor insurance was 100 5%, mainly affected by natural disasters [1] Investment Performance - The company's investment income significantly improved, with a total investment yield of 4 4% in 2024Q1-3, up 1 7 percentage points year-on-year [1] - The recovery of the equity market, especially after the "924" market rally, contributed to the increase in investment income [1] - The company's net profit growth was close to the upper limit of the forecast, driven by investment income [1] Financial Forecast - The report revised the EPS forecast for 2024-2026 to RMB 1 51/1 59/1 70, up from the previous forecast of RMB 1 37/1 54/1 70 [1] - The target PB ratio for 2025 is set at 1 1x, corresponding to a target price of HKD 15 2 [1] Market Performance - The current price of China P&C Insurance is HKD 12 08, with a total market capitalization of HKD 268 7 billion and a circulating market capitalization of HKD 83 3 billion [3] - The company's 12-month high/low price range is HKD 14 04/8 08 [3]

港股公司报告 | 首次覆盖报告 证券研究报告 2024 年 10 月 30 日 投资评级 行业 工业/工业工程 6个月评级 买入 ( 首次评级 ) 当前价格 5.79 港元 目标价格 10.14 港元 基本數据 港股总股本(百万股) 995.88 港股总市值(百万港元) 5,835.85 每股净资产(港元) 5.73 资产负债率(%) 52.21 一年内最高/最低(港元) 7.77/2.63 相关报告 威胜控股 ( 03393 ) 三架马车拉动,出海志存高远 计量和能效管理产品的国内龙头,2022年起收入和利润进入加速成长期 威胜控股是国内计量设备和能效管理设备领域龙头企业。公司核心在于"威 胜集团+威胜信息+威胜能源"三个子版块。创始人持有威胜控股 53.66%股 份,股权相对集中。2020 年起,受益于墨西哥（2021 年）、巴西（2018 年 ) 、坦桑尼亚 ( 2019年 ) 等海外工厂落地后，海外配用电中标规模大幅 提升,公司海外收入从 2020年前的不到 4 亿元,提升至 2023 年的 15.99 亿元,CAGR 达 66%, 海外业务进入加速期。 海外"三扩"发力 出海加速是基于"扩区域、扩份 ...

Investment Rating - The report assigns a positive outlook on Standard Chartered PLC with a focus on outperforming the market in the next 12-18 months [6][12][15] Core Insights - Standard Chartered's Q3 2024 revenue and profit exceeded Bloomberg consensus expectations, with a year-on-year revenue growth of 11.4% compared to the expected 7.0% [2][6] - Net interest income grew by 9.1% year-on-year, surpassing the consensus forecast of 7.9%, while other income increased by 14.0%, exceeding the expected 6.3% [2][6] - The bank's net interest margin (NIM) rose by 32 basis points to 1.95%, higher than the expected 1.80% [3][7] - Customer loans and advances grew by 2.2% year-on-year, which was below the expected growth of 3.0%, while customer deposits increased by 5.5%, exceeding the forecast of 4.6% [2][6] Summary by Sections Revenue and Profit - The underlying operating income for Q3 2024 was reported at $4.712 billion, reflecting a growth of 7.0% year-on-year, which is above the consensus estimate [5] - The audited pre-tax profit showed a significant increase of 172.0% year-on-year, surpassing the expected growth of 134.1% [2][5] Credit Quality - Credit impairment losses were reported at $178 million, a decrease of 39.5% year-on-year, which was lower than the consensus estimate of $275 million [3][6] - The non-performing loan (NPL) ratio was reported at 2.27%, down 13 basis points from the previous quarter and lower than the expected 2.67% [3][7] Capital Ratios - The Common Equity Tier 1 (CET1) ratio increased by 30 basis points year-on-year to 14.2%, slightly below the consensus forecast of 14.44% [3][7] - The Return on Tangible Equity (RoTE) rose by 3.8 percentage points to 10.8%, exceeding the expected 10.3% [3][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70.08 [1][5][8] Core Views - The company's 3Q24 performance was strong, with total patient visits reaching 1.485 million (+25% YoY, +13.5% QoQ), driven by organic growth and new medical institutions [1] - The company is expected to achieve a 35-40% adjusted net profit growth in 2024, supported by online and offline expansion, same-store growth, and accelerated external expansion [1][5] - The report highlights the company's potential for both organic growth and external expansion, with 19 new medical institutions already established [1][3] Existing Clinics - The company's offline medical business revenue is expected to grow by 35% in 2024, driven by increased doctor numbers in key regions like Shanghai, Beijing, and Guangzhou [2] - The company's self-owned doctor contribution reached 36-37% in 3Q24, with a long-term target of 50%, which is expected to further optimize profit margins [2] New Clinics - The company acquired three new clinics in Suzhou, Kunshan, and Hangzhou in 3Q24, with controllable acquisition costs [3] - New clinics are expected to contribute approximately 10% of the company's revenue in 2024, with a total of 19 new clinics added so far and a full-year guidance of 17-22 new clinics [3] - Overseas expansion is progressing, with Singapore operations gradually ramping up, and further expansion expected in Malaysia, Hong Kong, and Taiwan [3] Policy and Repurchase - The government has introduced frequent policies to encourage traditional Chinese medicine (TCM) development, which benefits the company [4] - The company has conducted continuous share repurchases from January to September 2024, repurchasing 4.36 million shares for HKD 173 million, demonstrating confidence in its long-term growth [4] Financial Forecasts and Valuation - The company's adjusted net profit is expected to grow by 35-40% in 2024, with adjusted EPS projected at RMB 1.74, 2.30, and 2.93 for 2024-2026 [5][9] - The report assigns a 28x PE multiple for 2025, in line with comparable companies, reflecting the scarcity of TCM service providers and policy tailwinds [5] - Revenue is forecasted to grow from RMB 3.138 billion in 2024E to RMB 5.038 billion in 2026E, with net profit increasing from RMB 334.77 million to RMB 665.20 million over the same period [6][12]

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group [2][6][4] Core Views - The company reported strong performance in the first three quarters of 2024, with insurance service revenue of CNY 403.765 billion, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of CNY 36.331 billion, up 77.2% year-on-year [2][6] - The combined ratio (COR) for property insurance was 98.2%, reflecting a slight year-on-year increase of 0.3 percentage points, indicating a competitive advantage in property insurance [6][2] - The net profit growth was significantly driven by improved investment income, with fair value changes contributing CNY 22.746 billion, an increase of CNY 31.372 billion year-on-year [6][2] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved insurance service revenue of CNY 403.765 billion, a 6.1% increase year-on-year, and a net profit of CNY 36.331 billion, a 77.2% increase year-on-year [6][2] - The property insurance COR was 98.2%, with motor insurance and non-motor insurance COR at 96.8% and 100.5%, respectively [6][2] Business Segments - The new business value (NBV) for life insurance grew by 113.9% year-on-year, with net profit reaching CNY 15.582 billion, a 763.7% increase, driven by market recovery and improved investment returns [6][2] - Health insurance net profit was CNY 5.57 billion, up 40.6% year-on-year, indicating continued improvement in profitability [6][2] Investment Outlook - The report forecasts net profits for 2024-2026 to be CNY 39.2 billion, CNY 39.6 billion, and CNY 45 billion, with growth rates of 76%, 1%, and 14% respectively, supported by a recovering equity market [6][2]

2024 年 10 月 28 日 耐用消费品及服装: 中性 证券研究报告 / 公司更新报告 特步国际 (1368 HK, 买入, 目标价: HK$6.95) 买入 措有 塑出 10 月 MTD 流水低双位数增长，有望完成全年指引 | --- | --- | |--------------------------------------------------------------|--------------------| | 目标价 : HK$6.95 | 当前股价 : HK$5.79 | | 股价上行 / 下行空间 | +20% | | 52 周最高/最低价 (HK$) | 7.41/3.61 | | 市值 (US$mn) | 1,970 | | 当前发行数量 (百万股) | 2,645 | | 三个月平均日交易額 (US$mn) 流通盘占比 (%) | 7 100 | | 主要股东 (%) | | | 群成投资 按 2024 年 10 月 28 日收市数据 资料来源: FactSet | 47 | 股价表现 | --- | |-----------------| | | | 评级 | | 目标价 (H ...

上 市 公 司 证 券 研 究 报 告 非银金融 公 司 研 究/ 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（港币） | 12.20 | | 恒生中国企业指数 | 7417.53 | | 52 周最高/最低（港币） | 14.12/8.55 | | H 股市值（亿港币） | 2,713.62 | | 流通 H 股（百万股） | 6,899.29 | | 汇率（人民币/港币） | 1.0902 | 一年内股价与基准指数对比走势： -16% 34% 84% 10/3011/3012/3101/3102/2903/3104/3005/3106/3007/3108/3109/30 HSCEI 中国财险 资料来源：Bloomberg 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch. ...