石药集团（1093） 更新报告 集采致短期承压增速放缓，新产品陆续获批未来可期 买入 2024 年 10 月 4 日 高小迪 852-25321960 上半年收入增速不达预期：2024 年上半年公司营收 162.8 亿元（同比 +1.3%，下同），毛利 116.5 亿元（+3.7%），毛利率 71.6%（+1.7pts）。基 于财务报表所示股东应占溢利 20.2 亿元（+1.8%），归母净利率 18.5% （+0.1pts）。分板块看，成药板块录得收入 135.5 亿元（+4.8%），Q2 收入 环比出现明显萎缩；虽然维 C 原料产品价格缓慢回升，但需求回落，板块收 入上半年同比仍下降 5.4%，得 9.8 亿元；抗生素原料板块忧郁海外需求减 少，收入 8.7 亿元（-6.4%）；由于咖啡因产品价格下跌，功能食品板块收入 8.8 亿元（-25.2%）。 明复乐助力神经领域维持增长，恩必普院外市场开发空间广阔：成药板块 中，神经领域实现收入 52.36 亿元（+15.0%）。明复乐获批脑梗适应症，为 神经领域增长注入充足动力。相比心梗适应症，脑梗适应症能够更快速地放 量。恩必普 DoT 受医院医疗模式限制，尚未 ...

证 券 研 究 报 告 更新报告 买入 政策推动电力央企重组，市场回暖加速估值修复 龙源电力（0916.HK） 2024-10-04 星期五 | --- | --- | |------------|-------------| | | | | 目标价： | 10 港元 | | 现 价： | 6.84 港元 | | 预计升幅 : | 46% | | --- | --- | |---------------------|----------------------------| | | | | 日期 | 2024-10-03 | | 收盘价（港元） | 6.84 | | 总股本（百万股） | 8,360 | | 总市值（亿港元） | 1,165 | | 净资产（百万元） | 84,596 | | 总资产（百万元） | 242,628 | | 52 周高低（港元） | 8.13/4.23 | | 每股净资产（港元） | 9.36 | | 数据来源 :Wind | 、国元证券经纪（香港）整理 | 主要股东 国家能源投资集团有限责任公司 (54.91%) 相关报告 深度报告-20210608 更新报告-20210727 ...

Investment Rating - The report maintains a "Buy" rating for New World Development (17 HK) with a target price of HKD 11.44, indicating a potential upside of 21.9% from the current closing price of HKD 9.39 [1][7]. Core Insights - New World Development reported a core profit decline of 47.5% year-on-year to HKD 1.377 billion, primarily due to a decrease in the number of deliverable projects in Hong Kong. The company's revenue for FY2024 fell by 34% to HKD 35.782 billion [2][6]. - Rental income showed resilience, with K11 and overall rental income increasing by 11.9% and 9.3% year-on-year, respectively. The occupancy rates for K11 MUSEA and K11 Art Mall remained high at 97% and 99% [2][6]. - The company plans to reduce leverage, targeting the disposal of HKD 13 billion in non-core assets by FY2025, which is expected to help save interest costs and restore profitability [2][6]. Financial Summary - For FY2024, New World Development's revenue is projected at HKD 35.782 billion, down from HKD 54.566 billion in FY2023, reflecting a year-on-year decline of 34.4% [5][8]. - Core profit is expected to be HKD 1.377 billion for FY2024, down from HKD 2.620 billion in FY2023, marking a 47.5% decrease [5][8]. - The company plans to pay a total dividend of HKD 0.2 per share for FY2024, significantly lower than HKD 0.76 per share in FY2023 [6][8]. Market Performance - The stock has experienced a year-to-date decline of 22.52%, with a 52-week high of HKD 14.23 and a low of HKD 6.28 [4][6]. - The market capitalization stands at approximately HKD 23.631 billion, with an average daily trading volume of 49.55 million shares [4][6]. Future Projections - Revenue is expected to recover in FY2025 with a projected increase of 20.2% to HKD 42.999 billion, followed by a slight decline in subsequent years [5][8]. - Core earnings per share are forecasted to rise gradually from HKD 0.55 in FY2024 to HKD 0.79 by FY2027 [5][8]. Conclusion - The report suggests that despite the current challenges, the company's strong rental performance and strategic asset disposals could provide a foundation for recovery and growth in the coming years [2][6].

Investment Rating - The report maintains a "Buy" rating for New World Development (17 HK) with a target price of HKD 11.44, indicating a potential upside of 21.9% from the current closing price of HKD 9.39 [1][7]. Core Insights - New World Development reported a core profit decline of 47.5% year-on-year to HKD 1.377 billion, primarily due to a decrease in the number of deliverable projects in Hong Kong. The company's revenue for FY2024 fell by 34% to HKD 35.782 billion [2][6]. - Rental income showed resilience, with K11 and overall rental income increasing by 11.9% and 9.3% year-on-year, respectively. The occupancy rates for K11 MUSEA and K11 Art Mall remained high at 97% and 99% [2][6]. - The company plans to reduce leverage, targeting the disposal of HKD 13 billion in non-core assets by FY2025, which is expected to help save interest costs and restore profitability [2][6]. Financial Summary - For FY2024, total revenue is projected at HKD 35.782 billion, down from HKD 54.566 billion in FY2023, reflecting a year-on-year decline of 34.4% [5][8]. - Core profit is expected to be HKD 1.377 billion for FY2024, a decrease of 47.5% compared to HKD 2.620 billion in FY2023 [5][8]. - The company plans to pay a total dividend of HKD 0.2 per share for FY2024, significantly lower than HKD 0.76 per share in FY2023 [5][8]. Market Performance - The stock has a 52-week high of HKD 14.23 and a low of HKD 6.28, with a market capitalization of HKD 23.631 billion and an average daily trading volume of 49.55 million shares [4][6]. - Year-to-date performance shows a decline of 22.52% [4][6]. Future Projections - Revenue is expected to recover slightly in FY2025 to HKD 42.999 billion, with a projected year-on-year growth of 20.2% [5][8]. - Core earnings per share are forecasted to increase gradually from HKD 0.55 in FY2024 to HKD 0.79 by FY2027 [5][8].

Investment Rating - The investment rating for TCL Electronics is "Outperform the Market" [1][7]. Core Views - The report highlights that TCL Electronics has achieved significant growth in its mid-term performance driven by its dual strategy of high-end and globalization, with a revenue increase of 30.3% year-on-year in 2024H1, reaching HKD 45.494 billion, and a net profit increase of 146.5% to HKD 650 million [3][7]. Financial Performance - In 2024H1, the overall gross margin decreased by 1.59 percentage points to 17.03%, while the adjusted net profit margin increased by 0.68 percentage points to 1.44%. The expense ratios for R&D, sales, and administrative costs decreased year-on-year [3][4]. - Revenue breakdown shows that display business revenue was HKD 30.135 billion, up 21.3% year-on-year, while internet business revenue was HKD 1.212 billion, up 8.9% [4][5]. - The company reported a significant increase in innovative business revenue, which rose by 60.6% year-on-year to HKD 13.953 billion, with solar energy revenue increasing by 212.7% [4][5]. Regional Performance - Domestic revenue for 2024H1 was HKD 19.064 billion, up 38.06%, while overseas revenue was HKD 26.429 billion, up 25.21%. Notably, revenue from Europe, North America, and emerging markets showed year-on-year growth of 47.14%, 4.32%, and 31.77%, respectively [4][5]. Market Position - TCL TV's global shipment volume increased by 9.2% year-on-year to 12.52 million units, with a market share of 13.3%, ranking among the top two global brands [5][7]. - The report indicates that TCL's MiniLED TV shipments grew by 122.4% globally, maintaining a leading position in the market [7]. Future Projections - The report forecasts that TCL Electronics' net profit will reach HKD 1.331 billion in 2024, with a year-on-year growth of 79%, and further growth is expected in the following years [6][7]. - The estimated reasonable value range for the stock is between HKD 6.36 and HKD 7.95, based on a 12-15x PE valuation for 2024 [7].

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) with a target price of HKD 4.50, representing a potential upside of 23% from the current price of HKD 3.65 [1][7]. Core Insights - The restructuring of hydropower assets back to A-shares positions Yuanda Environmental Protection as the direct integration platform for State Power Investment Corporation's hydropower assets, enhancing China Power's role as a comprehensive clean energy flagship [5][9]. - The integration of hydropower assets is expected to elevate the overall valuation of both State Power Investment Corporation and China Power, leveraging the high valuation of hydropower assets in the A-share market [6][10]. - The report outlines projected revenue growth, with expected revenues of RMB 51.67 billion in 2024, reflecting a year-on-year increase of 16.7% [8][14]. Summary by Sections Investment Rating - Target Price: HKD 4.50 - Current Price: HKD 3.65 - Expected Increase: 23% [1] Key Financial Data - Total Shares: 12.4 billion - Total Market Capitalization: HKD 45.2 billion - Net Assets: RMB 100,271 million - Total Assets: RMB 325,581 million - 52-week High/Low: HKD 4.51 / HKD 2.58 - Earnings per Share (EPS) for 2024E: RMB 0.22 [2][8] Major Shareholders - China Power International Co., Ltd. (22.91%) - China Power Development Co., Ltd. (21.52%) - China Power (Renewable Energy) Holdings Co., Ltd. (14.85%) [3] Financial Projections - Revenue for 2024E: RMB 51,673 million, with a year-on-year growth of 16.7% - Net Profit for 2024E: RMB 4,944 million, with a year-on-year growth of 85.9% - Projected PE ratios: 10x for 2024 and 8x for 2025 [8][14]

Investment Rating - The report maintains a "Underperform" rating for New World Development (17 HK) [1] Core Views - New World Development faces a bleak profit outlook but has stabilized its financial position [2] - Management uncertainty persists in the medium to long term, hindering a potential re-rating [2] - Potential restructuring and market recovery opportunities exist, particularly with the possible sale of the Kai Tak Sports Park to its parent company, Chow Tai Fook Enterprises [2] Financial Performance Summary - New World Development reported a significant net loss of HKD 11.8 billion in FY24, driven by HKD 6.3 billion in development property impairment losses and HKD 2.7 billion in investment property revaluation losses [2] - Core losses widened from HKD 1.4 billion to HKD 4.6 billion, with core operating profit declining by 17.8% to HKD 6.9 billion [2] - Total interest expenses exceeded HKD 10 billion, surpassing core operating profit, leading to the suspension of dividends [2] - The company is actively deleveraging through asset sales (HKD 59/77/130 billion in FY23/24/25F) and reduced capital expenditures (HKD 190/150/150 billion in FY23/24/25F) [2] Management Uncertainty - The resignation of Adrian Cheng, the former CEO and third-generation family member, has introduced uncertainty, with the appointment of a new CEO seen as transitional [2] - This management instability is expected to negatively impact the company's operations and re-rating potential [2] Market Recovery and Restructuring Opportunities - The potential sale of the Kai Tak Sports Park to Chow Tai Fook Enterprises could be beneficial, as the project is nearing completion and expected to be operational by Q1 2025 [2] - The company may benefit from a market re-rating driven by US interest rate cuts and China's property support policies, but management uncertainty remains a key risk [2] Valuation and Target Price - The target price has been revised downward from HKD 8.75 to HKD 7.25, reflecting a 17% reduction due to lower net asset value expectations [2][9] - Earnings forecasts for FY25-26 have been cut by 20-34% [2] Financial Forecasts - Revenue is expected to remain flat in FY25F at HKD 35.9 billion, with a slight increase to HKD 36.6 billion in FY26F [3] - Net profit is projected to recover to HKD 867 million in FY25F and HKD 1.8 billion in FY26F, following a significant loss in FY24 [3] - Core earnings per share are forecasted at HKD 0.34 in FY25F and HKD 0.72 in FY26F [3] Key Financial Ratios - The net debt ratio increased to 57.2% in FY24, up from 49.6% in FY23, but is expected to decline to 53.1% in FY25F [3] - The price-to-book ratio remains at 0.1x, reflecting the company's undervaluation [3] Trading Data - The stock's 52-week price range is HKD 6.20 to HKD 15.96, with a market capitalization of USD 2.64 billion [4] - The 12-month expected return is -11%, indicating continued underperformance [4] Historical Performance - The stock has underperformed the Hang Seng Index over the past 12 months, with a -37% absolute return and -50% relative return [5] Segment Performance - Property sales revenue declined by 41% YoY in FY24, while rental income increased by 4% [6] - The construction segment saw a significant revenue drop of 45.7%, reflecting weak market conditions [6] Balance Sheet and Cash Flow - Total assets decreased to HKD 445.2 billion in FY24, down from HKD 609 billion in FY23, primarily due to asset sales and reduced capital expenditures [11] - Operating cash flow improved to HKD 10.99 billion in FY24, up from HKD 6.53 billion in FY23, driven by cost-cutting measures [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has experienced a contraction in revenue, with a significant decline in property development income, while investment properties have shown stable performance. The forecast for net profit has been revised downwards for 2025-2026 and a new forecast for 2027 has been added, expecting net profits of 370 million, 600 million, and 860 million HKD for 2025-2027 respectively. The current stock price corresponds to a PE ratio of 63.2, 39.4, and 27.2 times for 2025-2027 [3][4] Financial Performance Summary - For the fiscal year 2023/2024, the company reported total revenue of 35,782 million HKD, a year-on-year decrease of 62.4%, primarily due to reduced property development revenue in Hong Kong. The gross profit was 12,849 million HKD, down 22% year-on-year, with a gross margin of 35.9%, an increase of 13.38 percentage points year-on-year. The core operating profit from continuing operations was 6,898 million HKD, down 18% year-on-year, leading to a net profit of -11,807 million HKD due to non-cash impairment losses [3][4] Investment Property Performance - The investment properties generated revenue of 5,197 million HKD in the fiscal year 2023/2024, representing a year-on-year growth of 4.03%. The revenue from investment properties in Hong Kong was 3,356 million HKD, with significant increases in sales and foot traffic at K11 MUSEA and K11 Art Mall, which saw sales growth of 17% and 16% respectively, and total foot traffic growth of 20% and 10%. The occupancy rate for K11 Art Mall remained at 99% [3][4] Property Development and Capital Expenditure - The property development revenue for the fiscal year 2023/2024 was 16,125 million HKD, a decline of 40.95%. The revenue from property development in Hong Kong and mainland China was 2,412 million HKD and 13,713 million HKD, respectively, with year-on-year changes of -85.60% and +29.94%. The company has focused on the Greater Bay Area and Yangtze River Delta, contributing over 85% of contract sales in mainland China. Capital expenditures and administrative expenses have been significantly reduced by 23% and 17% respectively [3][4]

证券研究报告 港股公司|公司点评|吉利汽车（00175） 吉利汽车 9 月销量点评： 银河 E5 上市热销，新能源销量创历史 新高 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月04日 证券研究报告 |报告要点 2024 年 10 月 1 日，吉利汽车发布 2024 年 9 月产销快报，公司 9 月实现汽车销量 20.2 万辆， 同比+21.0%，环比+11.4%。2024 年 1-9 月汽车累计销量 149.0 万辆，同比+32.1%。24Q3-24Q4 公司新品密集上市，叠加以旧换新政策补贴加码，公司销量有望维持高速增长态势。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年10月04日 吉利汽车(00175) 吉利汽车 9 月销量点评： 银河 E5 上市热销，新能源销量创历史新高 | --- | --- | |--------------------------|--------------------------| ...

Investment Rating - The report maintains a "Buy" rating for XPeng Inc (09868) [5] Core Views - XPeng's delivery capability is steadily improving, with September 2024 deliveries reaching a new high of 21,352 units, a 39% YoY increase and a 52% MoM increase [2][7] - The MONA M03 model, launched on August 28, 2024, exceeded expectations with over 30,000 pre-orders within 48 hours and quickly became the best-selling A-class pure electric sedan after its official launch in September [2][7] - XPeng's intelligent driving technology is progressing, with plans to achieve door-to-door autonomous driving by the end of 2024 and approach L3 autonomy by the second half of 2025 [7] - The XNGP urban autonomous driving system achieved an 83% monthly active user penetration rate in September 2024 [7] - The AI Tianji XOS 5.3.0 system was fully rolled out on September 25, 2024, bringing 32 feature updates and 38 performance upgrades [7] Financial Projections - Expected sales for 2024/2025/2026 are 180,000/450,000/670,000 units, with corresponding revenues of 43.6/79.3/104.6 billion yuan [8] - Net profit is projected to improve significantly, with estimates of -5.05/-0.5/2.3 billion yuan for 2024/2025/2026 [8] - Revenue growth rates are forecasted at 42%/82%/32% for 2024/2025/2026 [8] - The company is expected to achieve positive EBITDA of 1.9064 billion yuan in 2026, compared to -5.1072 billion yuan in 2024 [9] Market Performance - Current stock price is 55.00 HKD with a market capitalization of 104.45514 billion HKD [5] - The stock has a 52-week range of 74.30 to 25.50 HKD [5] - The company has a book value per share of 20.51 yuan and a debt-to-asset ratio of 56.04% [5] Industry Context - XPeng operates in the automotive/passenger vehicle sector [5] - The company's AI-driven strategy and new model launches are expected to drive a turnaround in financial performance [8] - Collaboration with Volkswagen could further expand XPeng's revenue and technical capabilities [8]