Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 25.44 [1] Core Insights - The company achieved total revenue of HKD 6.506 billion, representing a year-on-year increase of 44.2%, and a net profit of HKD 2.726 billion, up 111.5% [1] - The sales revenue from innovative drugs and collaborative products reached HKD 5.032 billion, marking an 80.6% increase and accounting for 77.4% of total revenue, a new high [1] - The company has made significant progress in R&D, with several leading products in its pipeline, including approvals and ongoing clinical trials for various indications [1] - The ADC products in the pipeline show international potential, with breakthrough therapy designation from the FDA for one of the ADCs [1] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are HKD 12.155 billion, HKD 12.439 billion, and HKD 14.470 billion, respectively, with year-on-year growth rates of 20.3%, 2.3%, and 16.3% [2] - The projected net profit for the same years is HKD 4.259 billion, HKD 3.945 billion, and HKD 4.669 billion, with growth rates of 29.95%, -7.39%, and 18.37% [2] - The company’s earnings per share (EPS) are expected to be HKD 0.55, HKD 0.72, HKD 0.66, and HKD 0.79 for the years 2024 to 2026 [2] Company Overview - The total market capitalization of the company is HKD 128.507 billion, with a total share capital of 593,565.01 million shares [4] - The company has a low debt ratio of 11.90% and a net asset value per share of HKD 4.70 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire a 29.4% stake in Yonghui Supermarket for RMB 6.27 billion, which will make it the largest shareholder [3] - The acquisition is expected to improve the retail landscape, leveraging Yonghui's extensive offline retail network [3] - The transaction is anticipated to be completed in the first half of 2025, pending shareholder and regulatory approvals [3] - The company aims to enhance Yonghui's operational efficiency through its supply chain management capabilities [3] Financial Summary - Total revenue projections for the company are as follows: - CY2023A: RMB 13,838 million - CY2024E: RMB 17,008 million (up 22.90% YoY) - CY2025E: RMB 20,602 million (up 21.13% YoY) - CY2026E: RMB 24,311 million (up 18.00% YoY) [2] - Net profit projections are as follows: - CY2023A: RMB 2,253 million - CY2024E: RMB 2,530 million (up 12.28% YoY) - CY2025E: RMB 3,140 million (up 24.12% YoY) - CY2026E: RMB 3,730 million (up 18.77% YoY) [2] - The latest diluted EPS projections are: - CY2023A: RMB 1.79 - CY2024E: RMB 2.01 - CY2025E: RMB 2.49 - CY2026E: RMB 2.96 [2] - The P/E ratios based on the latest diluted EPS are: - CY2024E: 14.81 - CY2025E: 11.93 - CY2026E: 10.04 [2] Market Position - Yonghui Supermarket is the second-largest chain supermarket in China by sales, following Walmart [3] - The company is optimistic about the improvement in the overall operational efficiency of the offline retail sector in China [3]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 3.79, indicating a potential upside of 15.0% from the current price of HKD 3.30 [3][4]. Core Insights - The company is entering a harvest period for its innovative transformation, with a focus on oncology and a gradual improvement in product value [2]. - The risk from centralized procurement has been largely mitigated, and the company continues to see growth in its innovative products, achieving a revenue of HKD 158.7 billion in the first half of 2024, representing a year-on-year increase of 11.1% [2][3]. - The oncology segment generated revenue of HKD 53.6 billion, up 19.5%, accounting for 33.8% of total revenue [2]. Summary by Sections Financial Performance - The company reported a gross profit of HKD 130.3 billion, with a gross margin of 82.1%, reflecting an increase of 11.5% [2]. - Research and development expenses amounted to HKD 25.8 billion, a rise of 10.9%, with an expense ratio of 17% [2]. - The net profit attributable to shareholders reached HKD 30.2 billion, a significant increase of 139.7%, while the adjusted net profit was HKD 15.4 billion, up 14.0% [2]. Product Pipeline and Innovation - The company has accelerated its innovation efforts, focusing on four key areas: oncology, liver disease, respiratory, and surgical analgesia [3]. - In the first half of the year, the company received approval for three innovative drugs and one biosimilar, enhancing its product offerings [3]. - The oncology pipeline is particularly strong, with multiple drugs in clinical research and expected approvals that will drive future revenue growth [3]. Market Position and Valuation - The company has a market capitalization of HKD 620.1 billion and has issued 18.79 billion shares [4]. - The report uses a discounted cash flow (DCF) model for valuation, with a weighted average cost of capital (WACC) of 9.4% and a perpetual growth rate of 3% [3].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 11.3, indicating a potential upside of 50.4% from the current price [2][3]. Core Insights - The company experienced a 6.1% quarter-on-quarter revenue growth in the first half of 2024, although year-on-year revenue decreased by 21.7% to RMB 3.61 billion [2]. - The sales of three national procurement products saw a significant decline of 49.2% year-on-year, while revenue from exclusive and innovative products reached RMB 2.41 billion, accounting for 56% of total revenue [2]. - The company is expected to see a gradual improvement in performance starting from the second half of 2024, driven by the commercialization of innovative products [2]. Financial Summary - Revenue for 2022 was RMB 9.15 billion, with a projected decline to RMB 8.01 billion in 2023 and further to RMB 7.60 billion in 2024, before recovering to RMB 8.75 billion in 2025 and RMB 9.83 billion in 2026 [4]. - The net profit attributable to shareholders is forecasted to decrease from RMB 3.26 billion in 2022 to RMB 2.40 billion in 2023, and further to RMB 1.75 billion in 2024, before increasing again in subsequent years [4]. - The company plans to launch 10-12 new drugs between 2025 and 2027, with a focus on innovative products that are expected to contribute significantly to revenue [2].

Investment Rating - The report maintains an "Add" rating for the company with a target price of 4.08 HKD, based on a 12x PE for FY2024, corresponding to a market value of 48.6 billion RMB [1][2]. Core Insights - The company reported impressive performance for the first half of 2024, with total revenue reaching 2.272 billion RMB, a year-on-year increase of approximately 65%, and net profit of 388 million RMB, up 28% year-on-year. Adjusted EBITDA was 448 million RMB, reflecting a 29% growth [1]. - The growth was primarily driven by the company's expansion in the Middle East, North Africa, and other markets. The social business segment saw revenue of approximately 2.070 billion RMB, a 67% increase year-on-year, while the innovative business segment generated 202 million RMB, a 54% increase [1]. - The acquisition of a minority stake in NBT Social Networking is expected to enhance the company's net profit attributable to shareholders, as NBT will become a wholly-owned subsidiary, with its financial performance consolidated into the company's financial statements [1][2]. - The company has been included in the FTSE Global Small Cap Index and the FTSE All-World Index, which is anticipated to increase its visibility and influence in international capital markets [1]. Summary by Sections Performance Overview - In H1 2024, the company achieved total revenue of 2.272 billion RMB, a 65% increase year-on-year, and net profit of 388 million RMB, up 28% [1]. - The social business segment's revenue grew by 67% year-on-year, while the innovative business segment's revenue increased by 54% [1]. Acquisition Impact - The acquisition of NBT Social Networking is valued at approximately 1.98 billion HKD, and is expected to significantly boost the company's net profit post-acquisition [1][2]. Market Positioning - The inclusion in FTSE indices is expected to enhance the company's profile and attract global investment [1].

Investment Rating - The report maintains a "Buy" rating for China Resources Gas (01193) [3][4] Core Views - The company announced a share repurchase plan, demonstrating confidence in its long-term development [3][4] - Plans to repurchase at least 45,797,384 shares (1.98% of total issued shares) and potentially more [3][4] - The repurchase will be funded by internal cash resources, with minimal financial pressure [4] - Stable and increasing dividends highlight long-term investment value [4] - Dividend per share grew from HKD 0.45 in 2016 to HKD 1.1569 in 2023 [4] - Interim dividend for 2024 increased to HKD 0.25 per share, a record high [4] - Residential gas price linkage mechanism continues to benefit the company [4] - Price adjustments in Hefei (a joint venture project) and nationwide implementation expected to enhance operational stability [4] Financial Performance and Projections - Revenue and profit growth projections [5][6] - 2024E revenue: HKD 107,041 million (+5.7% YoY) [5] - 2024E net profit attributable to shareholders: HKD 6,248 million (+19.6% YoY) [5] - 2026E net profit attributable to shareholders: HKD 7,809 million (+14.64% YoY) [5] - Key financial metrics [5][6] - 2024E EPS: HKD 2.75 [5] - 2024E ROE: 15.5% [5] - 2024E PE ratio: 11.4x [5] - Strong cash position and low leverage [4] - Cash and bank deposits: HKD 11.57 billion as of mid-2024 [4] - Interest-bearing debt ratio: 30.3% [4] - Overall financing cost: 2.4%, among the best in the industry [4] Industry and Market Context - The company operates in the utilities sector, with a focus on gas distribution [1] - Market data as of September 26, 2024 [1] - Closing price: HKD 31.30 - 52-week range: HKD 19.50 - HKD 31.95 - Market capitalization: HKD 72.429 billion - Outstanding H-shares: 2,314.01 million

[Table_Page] 跟踪研究|信息技术 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|------------------------------------------------|----------------------|------------------|------------------|---------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------------------------------------------------------------------------------------------------------|---------------------| | [Table_Title] ...

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------|----------------------------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 27 日收盘价 ] | 6.30 港元 | | 52 周股价波动 | 5.18~8.05 港元 | | 总股本 / 流通 H 股 | 4.27 亿 /4.27 亿 | | 总市值 / 流通市值 | 27 亿港元 /27 亿港元 | | 相关研究 | | | [Ta ble_ReportInfo] | 《定位液冷电动车，积极扩产迎发展东风》 | | 2024.03.06 | | 市场表现 [Table_QuoteInfo] -30% 绿源集团控股 恒生指数 -25% -20% -15% -10% -5% 0% 5% 2024-05-31 2024-06-30 2024-07-31 2024-08-31 | ...

2024 年 9 月 27 日 公司研究 业绩增长稳健，毛利率与分红比例提升 ——中海物业（2669.HK）跟踪报告 要点 事件：中海物业近期涨幅明显， 2024H1 归母净利润同比+16%。 1、9 月 19 日，美联储宣布降息 50bp，将联邦基金利率下调至 4.75%-5.00%； 9 月 24 日，国务院新闻办公室举行新闻发布会，宣布近期将下调存款准备金率 0.5 个百分点、降低存量房贷利率和统一房贷最低首付比例等。9 月 26 日，中共 中央政治局召开会议，会议强调要促进房地产市场止跌回稳等。 2、2024H1 中海物业实现营收 68.4 亿元，同比+9.0%（2023 年同期财务数据经 追溯调整）；毛利 11.5 亿元，同比+14.2%；实现归母净利润 7.4 亿元，同比 +16.0%；宣派中期股息每股 0.085 港币，中期派息率 35%，同比提升 10pct。 3、9 月 19 日至 9 月 27 日，中海物业累计上涨约 31%，涨幅明显。 点评：物管项目资源丰富，盈利能力企稳回升，提高中期分红比例回馈股东。 1）基础物管稳健增长，增值服务结构调整。2024H1 公司物业管理/社区增值/ 非业 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading player in lens manufacturing, focusing on core business for steady growth. It has shifted from overseas OEM to developing its own brand and domestic market, enhancing its growth momentum. The product structure is evolving towards high-margin products, which is driving continuous improvement in profitability [4][6]. - The lens industry is experiencing stable global demand growth, with significant potential in China. New opportunities are emerging in myopia prevention and smart glasses [4][6]. - The company achieved revenue of 1.775 billion yuan in 2023, with a CAGR of 15.6% from 2018 to 2023, and a net profit of 327 million yuan, with a CAGR of 33.0% during the same period. In the first half of 2024, revenue reached 987 million yuan, a year-on-year increase of 17.9%, and net profit was 209 million yuan, up 31.6% year-on-year [4][6]. Summary by Sections 1. Company Overview - The company was established in 1996 and listed on the Hong Kong Stock Exchange in 2021. It has transitioned from primarily overseas OEM to focusing on its own brand and domestic market, which has created new growth drivers. The product mix is shifting towards high-margin products, enhancing profitability [4][15]. - The company has a strong manufacturing capability and is gradually increasing its focus on the domestic market and its own brand. In the first half of 2024, the domestic market accounted for 30.9% of revenue, an increase of 16.2 percentage points since 2018 [4][6][19]. 2. Industry Analysis - The global lens market is experiencing stable growth, with traditional lenses seeing significant demand from Europe and the US, while the Chinese market shows great potential. The domestic retail market for eyeglass lenses was valued at 89.06 billion yuan in 2023, with a CAGR of 4.7% from 2018 to 2023, and is expected to grow at 7.9% from 2023 to 2028 [4][6]. - The demand for myopia prevention lenses is driven by the severe myopia problem among youth, with increasing government focus on prevention. The market for defocus lenses has seen rapid growth, with sales expected to continue increasing [4][6][7]. 3. Financial Performance - The company forecasts net profits of 418 million yuan, 500 million yuan, and 593 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.8%, 19.6%, and 18.5% [4][6]. - The current market capitalization corresponds to PE ratios of 13.4, 11.2, and 9.4 for 2024, 2025, and 2026, respectively [4][6]. 4. Product and Market Strategy - The company has a comprehensive product SKU matrix and is enhancing its product structure. In the first half of 2024, standard lenses accounted for 79.7% of revenue, while customized lenses contributed 19.9% [4][17]. - The company is actively expanding its domestic market presence and brand development, with a significant increase in the proportion of self-owned brands [4][6][19].