港股上市，看好全球市场估值修复 | 华泰研究 | | | 动态点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 20 日│中国内地 | 新能源及动力系统 | 证券研究报告 宁德时代 (300750 CH) 宁德时代于 5 月 20 日在香港联合交易所主板挂牌上市，成为国内首家同时 在 A 股和 H 股上市的动力电池公司。港股上市有助于公司海外产能扩张、 国际业务拓展等，我们看好公司加速全球化布局，不断提升全球市场竞争力。 维持买入评级。 5 月 20 日登陆港交所，加速全球市场布局 宁德时代于 5 月 20 日在港股上市，定价每股 263 港元，对标 A 股 5 月 16 日（发行价格公告日）收盘价 259.36 元折价率约 6.7%；此次发售股份规模 为 1.36 亿股，发行比例低于 5%（约 3%），募集资金约 45 亿美元，为今年 以来全球最大 IPO。公司推进港股上市主要系为进一步推动全球化战略布 局，打造国际化资本运作平台，提高综合竞争力。 上市速度/折价率/孖展倍数亮眼，基石权重高结构多样化 公司在 5 月 6 日通过聆讯的 2 周后完成上市，折价率约 ...

【导读】兆易创新宣布拟赴港上市，今年以来涨幅超18% 5月20日，"国内存储一哥"兆易创新官宣将赴港上市，拟募资用于增强公司研发能力并持续迭代产品和技术创新、战略及产业等相关投资与并购、全球营 销与业务网络建设等。 今年以来，"A+H"上市掀起热潮，多家A股半导体公司公告拟赴港上市。截至5月20日，兆易创新报收126.15元/股，最新总市值为838亿元，年初至今上涨 18.12%。 数据显示，截至今年一季度末，私募大佬葛卫东仍持有该公司1872.2万股A股股票，期末参考市值为21.88亿元。 兆易创新筹划发行H股 多家半导体行业公司赴港上市 兆易创新在5月20日晚间发布的公告中表示，为深化全球化战略布局，加快海外业务发展，提升公司国际化品牌形象，进一步提升公司核心竞争力，公司 拟发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市。 兆易创新在第五届董事会第三次会议决议公告中透露，公司本次发行H股股票所得的募集资金在扣除发行费用后，将用于增强公司研发能力并持续迭代产 品和技术创新、战略及产业等相关投资与并购、全球营销与业务网络建设及其他事项。 在政策的鼓励和支持下，2024年四季度开始大量A股上市公司寻求 ...

Group 1 - The core point of the news is that Zhaoyi Innovation plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image [1][2] - Zhaoyi Innovation, established in 2016, focuses on the research, technical support, and sales of memory, microcontrollers, and sensors, with significant products in NOR Flash, DRAM, SLC NAND Flash, touch control chips, and fingerprint recognition chips [1] - In 2024, Zhaoyi Innovation reported a revenue of 7.356 billion yuan, a year-on-year increase of 27.69%, and a net profit attributable to shareholders of 1.103 billion yuan, a remarkable year-on-year growth of 584.21% [1] Group 2 - The purpose of the H-share issuance is to deepen the global strategy, accelerate overseas business development, and enhance core competitiveness [2] - The funds raised from the H-share issuance will be used for enhancing R&D capabilities, product and technology innovation, strategic investments, and global marketing network construction [2] - The semiconductor industry is experiencing intensified global competition, particularly in AI and smart automotive sectors, prompting many A-share listed companies to seek dual listings in Hong Kong [2]

Core Viewpoint - The signing of a significant contract worth approximately 1.101 billion yuan is expected to positively impact the operational performance of Shenghui Integration [1][2]. Group 1: Contract Details - Shenghui Integration has signed a contract for a clean mechanical and electrical engineering project with a total amount of approximately 1.101 billion yuan (including tax) [1]. - The contract is a joint undertaking with China State Construction Third Engineering Division [2]. - The contract is expected to contribute positively to the company's business development and performance, with the contract amount exceeding 50% of the projected revenue for 2024 [2]. Group 2: Financial Performance - Shenghui Integration's projected revenue for 2024 is 2.008 billion yuan, with the clean engineering contract amounting to over 50% of this figure [2]. - The company has shown steady growth in revenue from 1.096 billion yuan in 2020 to 2.008 billion yuan in 2024 [3]. - In the first quarter of this year, the company achieved revenue and net profit attributable to shareholders of 575 million yuan and 28.95 million yuan, respectively, reflecting year-on-year growth of 62.74% and 62.59% [3]. Group 3: Business Overview - Shenghui Integration, established in September 2003, specializes in providing integrated cleanroom system solutions for high-tech industries [2]. - The company has a diverse portfolio, covering sectors such as semiconductors, precision manufacturing, optoelectronics, and more [2]. - The core area of revenue generation is the IC semiconductor industry, contributing 1.194 billion yuan, which accounts for 59.46% of total revenue in 2024 [2]. Group 4: Global Strategy and Market Presence - The company has established a global presence, collaborating with over a hundred well-known enterprises and implementing more than 450 cleanroom projects [3]. - Revenue from domestic and international markets for 2024 is projected at 1.328 billion yuan and 677 million yuan, respectively, representing 66.13% and 33.73% of total revenue [3]. - The international revenue primarily comes from markets in Vietnam and Thailand [3]. Group 5: Financial Health - As of the end of March this year, the company has a debt-to-asset ratio of 44.52% and cash reserves of 566 million yuan [4]. - The company also holds 80 million yuan in financial assets and has total interest-bearing liabilities of 93.25 million yuan [4]. - The financial expenses for the first quarter were recorded at -7.3725 million yuan, indicating a strong cash flow position [4].

5月16日，宁德时代公告称，公司H股将于5月20日进行买卖。 | 證券代號 | 證券簡稱 | 買賣單位 | | --- | --- | --- | | --- | -- | FOR BOOK | | 3750 | 寧德時代 | 100H股 | 目前，宁德时代成为市场热议股票。富途牛牛数据显示，宁德时代的综合热度、搜索热度、资讯热度均排名首位。 5月15日，宁德时代港股公开发售结束，融资认购倍数超120倍，认购金额突破2800亿港元，位居近半年港股新股冻资榜第3位，仅次于蜜雪集团和布鲁 可。 【导读】宁德时代港股IPO认购火爆，认购金额超2800亿港元 中国基金报记者邱德坤 在宁德时代港股IPO的基石投资者认购中，科威特投资局、中石化、高瓴资本排名前三，计划申购股份数量占比分别为12.50%、12.50%、5%。 | 老虎国际 | | --- | | 149.13亿 | | 华泰国际 | | 60.02亿 | | 招银国际 | | 45.00亿 | | 华盛证券 | | 28.00亿 | | 长桥证券 | | 27.48亿 | | 真他 | | 20 8717 | 来源：富途牛牛 宁德时代港股IPO认购火爆 自 ...

Core Viewpoint - The ongoing trend of leading A-share companies listing in Hong Kong continues, with CATL officially launching its international placement for an IPO on May 20, aiming to raise between $4 billion to $5 billion, potentially becoming the largest IPO in Hong Kong in four years and the top global IPO in 2025 [1][2]. Group 1: IPO Details - CATL plans to issue 118 million shares at a maximum price of HKD 263 per share, with the total fundraising expected to reach $4 billion to $5 billion [2]. - The IPO has attracted cornerstone investors including major global energy firms and sovereign wealth funds, with total subscription amounts reaching up to HKD 20.371 billion [2]. - Sinopec and the Kuwait Investment Authority are the largest cornerstone investors, each committing $500 million [2]. Group 2: Fund Utilization - Approximately 90% of the funds raised from the IPO will be allocated to the construction of CATL's factory in Hungary, enhancing local production capacity in Europe [3]. - The remaining 10% will be used for working capital and other general corporate purposes [3]. - Establishing the Hungarian factory is crucial for meeting the growing demand for power and energy storage batteries in Europe, ensuring a stable supply chain for customers [3]. Group 3: Market Position and Performance - CATL maintains its position as the global leader in power and energy storage batteries, with a market share of 37.9% in power battery installations and 36.5% in energy storage batteries in 2024 [5]. - Despite a decline in revenue by 9.7% to CNY 362.013 billion in 2024, the company reported a net profit increase of 15.01% to CNY 50.745 billion [6]. - The revenue decline is attributed to falling prices of raw materials like lithium carbonate, while the net profit growth is supported by enhanced R&D capabilities and product competitiveness [6].

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) has officially launched its Hong Kong IPO, aiming to raise between $4 billion to $5 billion, primarily to fund its projects in Hungary, thereby enhancing its local supply capabilities and solidifying its leadership in the new energy sector [2][3]. Group 1: IPO Details - As of May 12, CATL's A-share price increased by 3.52% to 257 CNY, with a total market capitalization of 1.13 trillion CNY [2]. - The IPO price range for the Hong Kong listing is set at a maximum of 263 HKD per share, closely aligned with CATL's A-share closing price of 248.27 CNY on May 9, which converts to approximately 267.31 HKD [2]. - CATL plans to issue 118 million shares in this IPO, with options for additional shares, potentially raising a total of $4 billion to $5 billion if fully exercised [2]. Group 2: Investment Allocation - Approximately 90% of the funds raised from the IPO will be directed towards the first and second phases of the construction of the Hungarian project, which aims to enhance local supply capabilities [2][3]. - The Hungarian project, announced in August 2022, involves a total investment of up to 73.4 billion euros (approximately $82.4 billion) and is expected to become the largest electric vehicle battery factory in Europe, with a planned capacity of 100 GWh [3]. Group 3: Strategic Intent - CATL's move to list in Hong Kong is part of a broader strategy to advance its global expansion and establish an international capital operation platform, despite having over 321.3 billion CNY in cash as of the end of Q1 this year [3]. - The IPO has attracted significant interest from cornerstone investors, with subscriptions totaling up to 203.71 billion HKD, including major entities such as Sinopec, KIA, Hillhouse Capital, and UBS Asset Management [3]. Group 4: Industry Context - The trend of new energy companies seeking listings in Hong Kong has been growing, driven by the need for international capital and the expansion into overseas markets [4]. - Other companies in the new energy sector, such as Zhongwei Co., Gree Green, and Haitian Energy, have also initiated preparations for their Hong Kong IPOs, indicating a competitive landscape [5].

Core Viewpoint - The Tank brand, under Great Wall Motors, aims to create a unique off-road culture in China while achieving significant sales milestones, showcasing its commitment to innovation and user collaboration [3][5]. Group 1: Brand Development - The Tank brand has achieved cumulative global sales of over 650,000 units since its establishment in 2021, emphasizing its strong positioning in the rugged off-road vehicle market [3]. - The brand's executive vice president, Gu Yukun, highlighted the importance of co-creation with users in developing the brand's identity and culture [3]. Group 2: Product Innovation - The unveiling of the self-developed 4.0T V8 engine fills a gap in the large displacement power segment for Chinese brands, enhancing Tank's strategic layout across various powertrains and vehicle types [5]. - The Tank 300 diesel version achieved over 120% of its official range during a highway endurance challenge, marking it as the only vehicle to meet the official range standard at the event, with lower refueling costs compared to hybrid and extended-range models [5]. Group 3: Market Positioning - The Tank 300 Huke version, named after one of the world's three major off-road sanctuaries, is designed for extreme off-road performance, reflecting the brand's commitment to meeting user demands for pure off-road experiences [7]. - Tank is establishing a closed-loop development model centered on user feedback and real-world testing in global off-road locations, aiming to enhance its research and development processes [7].

Financial Performance - In 2024, the company achieved a revenue of 4.465 billion CNY, a year-on-year increase of 19.15% [2] - The net profit attributable to shareholders for 2024 was 0.689 billion CNY, reflecting a growth of 3.94% [2] - For Q1 2025, revenue reached 1.101 billion CNY, up 25.41% year-on-year [2] - The net profit attributable to shareholders in Q1 2025 was 0.162 billion CNY, a significant increase of 62.13% [2] Product Performance - Pet snacks generated a revenue of 3.132 billion CNY in 2024, with a gross margin of 27.56%, accounting for 70.16% of total revenue [2] - Pet food revenue was 1.107 billion CNY, showing a remarkable growth of 91.85% with a gross margin of 34.59% [2] - The OEM business revenue was 2.616 billion CNY, up 21.21%, with a gross margin of 27.32%, representing 58.59% of total revenue [3] Regional Performance - Overseas revenue for 2024 was 3.050 billion CNY, a year-on-year increase of 14.62%, with a gross margin of 24.90%, making up 68.33% of total revenue [3] - Domestic revenue reached 1.414 billion CNY, growing by 30.26% with a gross margin of 35.18%, accounting for 31.67% of total revenue [3] Supply Chain and Production - The company operates modern production bases across multiple countries, including China, the USA, Canada, New Zealand, and Cambodia, covering all pet food categories [5] - In 2024, the company plans to expand its supply chain with new projects in North America and domestic industrial parks [5] Brand Development - The company expanded its overseas market presence, entering 9 new countries in 2024, bringing the total to 73 countries [6] - The WANPY brand underwent a strategic upgrade in 2024, enhancing brand recognition and consumer loyalty [7] - The WANPY brand launched new products, including the "Golden Shield" fresh meat food, which has received positive market feedback [8] Future Outlook - The company aims to focus on brand building, domestic market growth, and overseas expansion while maintaining a commitment to high-quality development [10] - The domestic pet food market is expected to continue growing, driven by increasing consumer demand for quality [10] - The company plans to enhance its marketing strategies to ensure efficient resource allocation and maximize value creation [11]

丨证券研究报告丨 公司研究丨点评报告丨澳华内镜（688212.SH） [Table_Title] 业绩符合预期，看好海外持续高增长 报告要点 [Table_Summary] 2024 年业绩符合预期，2024 年公司收入为 7.50 亿元，同比增长 10.54%；国内市场受行业影 响增长放缓，国内市场收入为 5.86 亿元，同比增长 3.93%，主要是由于国内终端市场招采活动 减少，受招投标总额下降影响。海外营销网络进一步扩张，2024 年公司海外收入为 1.61 亿元， 同比增长 42.70%，毛利率持续提升至 58.15%；主要是由于 2024 年海外多个国家的产品准入 以及市场推广进展顺利，全方位提高了品牌影响力。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 澳华内镜（688212.SH） cjzqdt11111 [Table_Title2] 业绩符合预期，看好海外持续高增长 事件评论 风险提示 ...