Global Research ab 24 March 2025 First Read China Shenhua Energy Resilient 2024 results with significant cost control and decent dividend Q: What were the most noteworthy areas? A: Shenhua's Rmb2.26/shr is a flat per share dividend with 2023, while implying 72% payout ratio, which remains decent, slightly ahead of last year's 69%. As for Shenhua's coal mining business, Shenhua's ex-mine production cost slightly increases +2.5% YoY to Rmb166.4/t compared to last year (under IFRS accounting standard), indicat ...

#1 Geopolitical and operational risks in DRC: While investors are concerned about the conflict in northeast Congo, management noted that Zijin's operations are in southern Congo, ~2000km away. Capital controls in the country remain – mining companies must repatriate 60% of export earnings back to DRC. The company believes the major bottleneck in its DRC operations lie in electricity supply. Zijin has been working on hydro and solar power plants in order to resolve the power issue. #2 Lowered lithium volume ...

March 24, 2025 12:16 PM GMT China Petroleum & Chemical Corp. | Asia Pacific Risk Reward Update What's Changed Updated Components EPS Bull Base Bear Scenarios Risk Reward for China Petroleum & Chemical Corp. (600028.SS) has been updated Reason for change M Update Morgan Stanley Asia Limited+ Jack Lu Equity Analyst Jack.Lu@morganstanley.com +852 2848-5044 China Petroleum & Chemical Corp. (600028.SS, 600028 CG) China Energy & Chemicals | China Stock Rating Equal-weight Industry View In-Line Price target Rmb6.5 ...

March 24, 2025 10:00 AM GMT Embodied AI | North America Humanoid Disruptors: Apptronik Continuing our Humanoid Disruptor Series, we profile Apptronik, an American humanoid startup with a deep history in robotics development, now focused on advancing its 'Apollo' humanoid with partial backing from and collaboration with Google. We profile Apptronik, an Austin-based robotics startup developing the 'Apollo' humanoid robot using expertise gained from 10+ years of experience researching and developing leading-ed ...

Summary of Anhui Conch Cement Co. Ltd Conference Call Company Overview - **Company**: Anhui Conch Cement Co. Ltd - **Industry**: Cement and Clinker - **Region**: Asia Pacific Key Financial Results - **4Q24 Performance**: - Net profit of Rmb1.5 billion, representing a 42% increase YoY and a 33% increase QoQ [1] - Full year 2024 net profit of Rmb7.7 billion, down 26% YoY, below consensus estimate of Rmb8.6 billion [1] - Dividend proposed at Rmb0.71 per share, maintaining a payout ratio of 49% YoY [1] Shipment and Production Data - **Total Shipments**: - 271 million tons in 2024, a decrease of 7.5% YoY [2] - 4Q24 shipments of self-produced products at 73 million tons, down 11% YoY but up 5% QoQ [2] - **Average Selling Price (ASP)**: - ASP for self-produced cement and clinker was Rmb246 per ton in 2024, down 10% YoY [3] - Estimated ASP in 4Q24 at Rmb265 per ton, an increase of 8% YoY and 12% QoQ [3] Cost and Profitability - **Cost of Goods Sold (COGS)**: - Production cost rose by Rmb7 per ton QoQ despite stable coal prices [3] - **Gross Profit**: - Estimated unit gross profit in 4Q24 at Rmb75 per ton, up from Rmb55 in 4Q23 and Rmb53 in 3Q24 [3] 2025 Guidance - **Capacity Expansion**: - Targeting an addition of 19.6 million tons of cement and 27.8 million square meters of concrete capacity in 2025 [4] - **Shipments**: - Expected total shipments of self-produced cement and clinker to remain flat at 268 million tons YoY [4] - **Capital Expenditure**: - Budgeted capex of Rmb11.9 billion for 2025, down from Rmb15.6 billion in 2024 [4] Market Outlook and Risks - **Market Rating**: - Stock rating is Overweight with a price target of HK$24.50, indicating a 4% upside from the current price of HK$23.60 [6] - **Risks to Upside**: - Stronger-than-expected infrastructure demand from major projects [10] - Stricter environmental regulations leading to tighter clinker supplies [10] - **Risks to Downside**: - Weaker-than-expected property demand and potential government intervention in cement pricing [11][15] Additional Insights - **Market Capitalization**: Approximately Rmb128.273 billion [6] - **Average Daily Trading Value**: HK$152 million [6] - **Earnings Per Share (EPS) Forecast**: - EPS for 2024 estimated at Rmb1.66, with projections of Rmb2.11 for 2025 [6] This summary encapsulates the critical financial metrics, operational insights, and market outlook for Anhui Conch Cement Co. Ltd, providing a comprehensive overview for potential investors and stakeholders.

Flash | 24 Mar 2025 02:48:24 ET │ 13 pages China Power Grid Equipment China Accelerated Transformer and Smart Meter Export Growth; Buy Sieyuan and Wasion China Power Grid Equipment Sector Pierre Lau, CFAAC +852-2501-2716 pierre.lau@citi.com Bella Tian +852-2501-7410 bella.tian@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations CITI'S TAKE While the China/HK stock market has seen volatility from AI and tech- related investment themes with significant ...

COSCO Shipping Holdings Ltd | 2024 Annual Results Briefing Summary Industry Overview - **Industry**: Transportation & Infrastructure - **Company**: COSCO Shipping Holdings Ltd (1919.HK, 601919.SS) Key Takeaways Market Outlook - Demand recovery post Chinese New Year (CNY) has been faster than in 2024, with improved volumes and load factors expected in 2025 [2] - Management anticipates a healthy market in 2025, with industry supply growth projected at approximately 5% year-over-year and demand growth slightly slower at 2-3% year-over-year compared to 2024 [9] Trade Dynamics - Management believes that tariffs will not eliminate US demand but may create a more segmented and potentially fragile global supply chain [2] Capital Expenditure - Total capital expenditure (capex) is projected at Rmb42.3 billion, with allocations of Rmb11 billion in 2025, Rmb9 billion in 2026, and Rmb14.8 billion in 2027, primarily focused on vessels, boxes, and supply-chain infrastructure [2] Share Repurchase Strategy - Management views the stock as undervalued when trading below book value and may consider updating the share repurchase plan based on share price performance, capital requirements, and cash liquidity [3][9] Emerging Markets Strategy - COSCO Shipping Holdings plans to increase capacity in Latin American markets, expecting fewer demand disruptions from geopolitical tensions. The company has already expanded its presence in Mexico and Southeast Asia and aims to enhance operations in Abu Dhabi, a key global hub port [3] Financial Performance - For fiscal year ending December 2024, net revenue is projected at Rmb234.36 billion, with net income expected at Rmb49.28 billion, resulting in an EPS of Rmb3.09 [6] - The company’s price-to-earnings (P/E) ratio is forecasted to be 3.9 for 2024, with a price-to-book (P/B) ratio of 0.8 [6] Risks and Considerations - Potential risks include global trade drops amid macroeconomic headwinds, significant increases in fuel prices, and failure to maintain segment capacity discipline [13][14] - Upside risks may arise from a spot market turnaround, better-than-expected earnings distribution, and prolonged disruptions in the Red Sea [13][14] Stock Rating and Valuation - Current stock rating is Underweight with a price target of HK$8.50, indicating a downside of approximately 29% from the closing price of HK$11.98 on March 21, 2025 [6] Additional Insights - Management's focus on share repurchase and capital allocation reflects a strategy to enhance shareholder value amidst market fluctuations [3][9] - The company’s expansion into emerging markets is a strategic move to mitigate risks associated with geopolitical tensions and supply chain disruptions [3] This summary encapsulates the critical insights from the COSCO Shipping Holdings Ltd annual results briefing, highlighting the company's strategic outlook, financial performance, and market dynamics.

Flash | 24 Mar 2025 05:54:55 ET │ 12 pages Ginlong Technologies (300763.SZ) Model Update CITI'S TAKE We have lowered Ginlong's net profit by 12% in 2025E and 16% in 2026E assuming less profit contribution from residential power generation system and distribution solar power stations due to tariff policy change. The company had Rmb638m (+51.7% yoy) gross profit from these two segments from capacity expansion, which accounted for 59.1% (+23.9ppts yoy) of its total gross profit mix. New residential and distrib ...

昊海生科 20250326 昊海生科在 2024 年实现营业收入 26.98 亿元，同比增长 1.64%。归母净利润为 4.2 亿元，同比增长 1.04%。扣非后的归母净利润为 3.79 亿元。经营活动产生 的现金流净额为 6.49 亿元，同比增长 2.23%。公司向全体股东每十股派发了十 元的现金分红，分两次进行，一次是十派 4，一次是十派 6，总计约 2.23 亿元， 占公司 2024 年归母净利润的 55%。 • 昊海生科 2024 年现金流净额同比增长 2.23%至 6.49 亿元，并计划分两次 派发现金红利，总额约 2.23 亿元，占归母净利润的 55%，显示公司重视股 东回报。 • 公司在眼科和医美领域均有新产品获批，包括多款人工晶状体和玻尿酸产 品"海魅月白"，后者是全球首个氨基酸交联剂玻尿酸，并通过收购扩大 了产品线。 • 2024 年医美业务收入 11.95 亿元，同比增长 13%，其中玻尿酸销售额增长 23%，销量达 393 万支。眼科业务收入 8.58 亿元，高端产品销量显著增长， 骨科业务略有下降，外科业务基本持平。 • 昊海生科 2024 年研发投入 2.39 亿元，同比增长 8.6 ...

豪悦护理 20250326 摘要 Q&A 豪悦护理的主要业务是什么？其市场表现如何？ 豪悦护理主要从事婴儿尿裤的代工业务，占其主营业务收入的 70%。此外，公 司还涉及成人尿裤和卫生巾代工，分别占 20%的收入。自 2017 年以来，豪悦开 始自主培育品牌，如泰国婴儿尿裤和达菲湿巾品牌。目前，自主品牌（不包括 2025 年并表的洁婷品牌）占公司收入约 10%。豪悦护理在国内市场占据主导地 位，其内销占比为 86%，外销仅占 11%。尽管过去两年因出生率下降导致业绩下 滑，但公司通过逆势收购两个工厂以及开拓外贸市场，预计 2025 年业绩将有所 改善。 公司管理层及股权结构情况如何？ 豪悦护理在 2025 年的发展前景如何？ 2025 年豪悦护理的发展前景较为乐观。首先，2024 年的新生儿数量同比增长了 5.8%，预计将对未来三年的婴儿尿裤需求产生积极影响。其次，今年以来国家 • 2024 年新生儿数量同比增长 5.8%，国家鼓励生育政策频出，预计将积极影 响未来三年婴儿尿裤需求，为豪悦护理带来增长动力。 • 中国婴儿尿裤市场规模自 2020 年起萎缩，2024 年终端市场规模约 410 亿 元，同比下滑 7 ...