Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is strategically selling its loss-making brands "Gai Shi Wei" and "Pa La Ding" under KP Global for USD 151 million to its major shareholder, the Ding family, and will distribute the entire amount as a special dividend to enhance shareholder returns [3] - The sale is expected to improve the company's financial performance by eliminating ongoing losses from these brands, which have accumulated over USD 100 million in losses since their acquisition in 2019 [3] - The company plans to focus on its core running business, enhancing its competitive position in the market [3] Financial Data and Earnings Forecast - The company reported a revenue of RMB 143.5 billion for FY2023, representing a year-on-year growth of 10.9% [6] - The net profit for FY2023 was RMB 10.3 billion, with a year-on-year increase of 11.8% [6] - The forecasted net profits for FY2024, FY2025, and FY2026 are RMB 11.5 billion, RMB 13.0 billion, and RMB 14.6 billion respectively, with corresponding PE ratios of 11, 10, and 9 [4][12] - The company aims for a double-digit revenue growth target for the year, supported by strong sales performance in Q1 2024 [3][10] Shareholder Returns - The special dividend from the sale will amount to approximately HKD 0.447 per share, resulting in a dividend yield of about 8.2% based on the latest closing price [3] - The transaction is expected to be completed in the second half of the year, with benefits reflected in the 2024 financial results [3] Business Focus - The company will streamline its brand portfolio to concentrate on the running segment, with plans to leverage its main brand for the mass market and other brands for niche markets [3] - The overall business structure will be simplified, allowing for more focused resource allocation and accelerated brand development [3]

申万宏源研究 上海市南京东路99号 | +86 1 39 7818 www.swsresearch.com 简单金融 成就梦想 计算机 | 公司研究 航班订座量高增，业绩进一步恢复可期 04年5月10日 中国民航信息网络 (0696.HK) 买入 公司发布03 年报： 03 年，公司营业总收入69.84亿元，同比增长34%，归母净利润13.99 亿元，同比增长13 %。 上调评级 四大业务中，航空信息技术服务业务收入增速明显。03 年，航空信息技术服务业务收入 38.51 亿元，同比增长 149%，主要是受益于订座量同比高增；结算及清算服务业务收入 4.47 亿元，同 比增长5% ，主要是受益于订座量同比高增；系统集成服务业务收入9.94亿元，同比下降41%， 市场数据：04年5月10日 主要原因是受机场项目竣工时点影响，达到竣工的项目数量低于去年水平；数据网络服务收入3.90 收盘价（港币） 10.9 亿元同比下降5%，主要原因是随着接口等新模式的使用，传统的代理人业务数量有所下降。 恒生中国企业指数 6,718.86 5周最高/最低价 (港币) 15.36/7.45 03 年，公司处理的国内外商营航空公司 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 公用事业 | 公司研究 风况不佳略有拖累 天然气产业链价值加速 2024年4月26日 释放 买入 新天绿色能源(00956.HK) 维持评级 新天绿色能源发布2024年第一季度报告。公司实现营业收入79.07亿元，同比增长20.55%； 归属于母公司股东的净利润人民币8.32亿元，同比下降0.89%，低于我们的预期。公司基本每 市场数据：2024年4月25日 股收益0.20元，与同期持平。加权平均净资产收益率3.82%，同比下降0.2个百分点。 收盘价（港币） 3.22 交易电量占比继续提升，平均上网电价小幅下滑。2024年1-3月，公司完成发电量41.17亿度， 恒生中国企业指数 6120.37 上网电量 40.22亿度，分别同比提升 0.27%及 0.16%。一季度公司完成市场化交易电量 14.34 52周最高/最低价 (港币) 3.43/2.51 亿度，占比35.67%，同比增加3.59个百分点。根据全国新能源消纳监测预警中心，2月河北省 H股市值（亿港币） 134.82 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's net profit for Q1 2024 was 5.871 billion yuan, a year-on-year decrease of 38.3%. The combined ratio (COR) increased by 2.2 percentage points to 97.9%, which is below expectations but still better than peers [2][4]. - The insurance service revenue for Q1 2024 was 113.843 billion yuan, reflecting a year-on-year growth of 5.9%. However, the underwriting profit decreased by 48.3% to 2.391 billion yuan due to increased claims from natural disasters and traffic incidents [2][4]. - The company is expected to maintain a stable business operation with a focus on optimizing structure, reducing costs, and managing risks, which should lead to long-term improvement in COR [2][4]. Financial Data and Earnings Forecast - Insurance service revenue is projected to grow from 424.355 billion yuan in 2024E to 552.869 billion yuan in 2026E, with a compound annual growth rate (CAGR) of approximately 7.5% [2][6]. - Net profit is expected to recover from 24.585 billion yuan in 2023E to 35.951 billion yuan in 2026E, with a notable year-on-year growth of 16.1% in 2024E [2][6]. - Earnings per share (EPS) is forecasted to increase from 1.11 yuan in 2023E to 1.62 yuan in 2026E, indicating a positive trend in profitability [2][6]. - The price-to-earnings (P/E) ratio is projected to decrease from 8.20 in 2024E to 5.60 in 2026E, suggesting an attractive valuation [2][6]. Market Performance - As of April 29, 2024, the closing price of the company's stock was 9.98 HKD, with a market capitalization of 222 billion HKD [1]. - The stock has a 52-week high of 11.28 HKD and a low of 8.17 HKD, indicating some volatility in its trading range [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% [3][8]. Core Insights - The company reported a strong recovery in its performance, with a notable increase in New Business Value (NBV) and a new $2 billion share buyback plan that exceeded expectations [2]. - The company aims to return 75% of its annual free surplus to shareholders through dividends and share buybacks, maintaining a consistent dividend policy with annual growth [2]. - The NBV for Q1 2024 reached $13.27 billion, representing a year-over-year increase of 31%, while the Annualized New Premium (ANP) was $24.49 billion, up 26% year-over-year [2]. - The NBV Margin (NBVM) increased by 2.1 percentage points to 54.2%, marking the first year-over-year growth since 2022, alleviating concerns about product structure changes [2]. - The company’s diverse distribution channels showed robust growth, with NBV from agents and partners increasing by 20% and 70% year-over-year, respectively [2]. Financial Performance Summary - The company achieved an insurance revenue of $17.514 billion in 2023, with projected growth to $18.969 billion in 2024, reflecting an 8.3% year-over-year increase [9]. - The net profit attributable to the parent company is expected to rise significantly from $3.764 billion in 2023 to $6.144 billion in 2024, representing a 63.2% increase [9]. - The Earnings Per Share (EPS) is projected to increase from $0.27 in 2023 to $0.43 in 2024 [9]. - The company’s investment performance is expected to improve, with net investment income projected to rise from $12.566 billion in 2023 to $14.769 billion in 2024 [9].

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 食品饮料 | 公司研究 强化交通枢纽店优势，24 年注重门店提效 2024年4月27日 周黑鸭 (01458:HK) 增持 事件：公司发布2023年年报，实现收入27.44亿，同增17.1%，实现归属于公司股东利润为1.16 亿，同增357.1%，公司业绩符合市场预期。公司宣派2023年年度股息每股本公司普通股0.05港 维持 元，总额约为人民币1.08亿元，分红率为93.5%。 投资评级与估值：出于对下游消费场景恢复的谨慎性假设，我们预计24-25年门店数量分别为4036 家/4346 家（24-25 年前次为 4666 家/5476 家），下调 24-25 年预测，新增 26 年预测，预测 市场数据：2024年4月26日 2024-2026年公司归母净利润为2.07、2.54、3.08亿（24-25年前次分别为3.99、4.97亿元）， 收盘价（港币） 1.85 分别同比增长79%、23%、21%，最新收盘价对应24~26年PE分别为19x、16x、13x。我们给 恒生中国 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 42.267 billion CNY for 2023, representing a year-on-year growth of 28.4%. The net profit attributable to shareholders was 12.079 billion CNY, a 42.4% increase compared to the previous year, exceeding market expectations. A dividend of 0.75 CNY per share was proposed, with a payout ratio of 69.8% [4] - The investment rating and valuation have been adjusted upwards for 2024-2025 due to the robust growth of the product matrix and continuous improvement in product and channel strength. The forecasted net profits for 2024-2026 are 13.9 billion CNY, 16.5 billion CNY, and 19.3 billion CNY, respectively, with year-on-year growth rates of 15%, 18%, and 17% [4] - The core bottled water business is expected to continue gaining market share due to multiple driving factors, including a differentiated positioning strategy and a focus on mid-to-large size packaging. The beverage business is anticipated to grow faster than the market average due to proactive positioning in the trends of sugar-free and premium consumption [4] Financial Data and Profit Forecast - The company achieved total revenue of 42.667 billion CNY in 2023, with a projected revenue of 50.183 billion CNY in 2024, reflecting an 18% year-on-year growth. The net profit for 2023 was 12.08 billion CNY, with forecasts of 13.948 billion CNY for 2024, indicating a 15% increase [5] - The earnings per share (EPS) for 2023 was 1.07 CNY, with projections of 1.24 CNY for 2024, and the return on equity (ROE) for 2023 was 42.28% [5] - The price-to-earnings (PE) ratios for 2024-2026 are projected to be 33x, 28x, and 24x, respectively, indicating a favorable valuation trend [4][5]

Investment Rating - The report maintains a "Buy" rating for New Oriental [1][2][3] Core Views - New Oriental's revenue for Q3 FY24 reached USD 1.207 billion, a year-on-year increase of 60.1%, driven primarily by the growth in non-academic after-school tutoring and overseas test preparation services [1][3] - The company is experiencing strong enrollment growth in non-academic AST, with a projected increase in revenue to USD 241 million for Q3 FY24, representing a 72.7% year-on-year growth [1][3] - The expansion of learning centers is accelerating, with the number of centers increasing to 911, a 27.9% year-on-year growth, and the company aims for a 30% annual growth rate in learning centers [1][3] - The overseas test preparation and consulting business is recovering rapidly, contributing an estimated USD 254 million in revenue for Q3 FY24, a 40.1% year-on-year increase [1][3] - The report projects significant growth potential for non-academic AST, estimating over 2 million enrollments in FY24, with a potential market share of only 6% even at a scale of 12 million enrollments [1][3] Financial Summary - Revenue projections for FY24, FY25, and FY26 are raised to USD 4.213 billion, USD 5.422 billion, and USD 7.044 billion respectively, compared to previous estimates of USD 4 billion, USD 5.22 billion, and USD 6.72 billion [2][3] - Non-GAAP net profit forecasts for FY24, FY25, and FY26 remain at USD 482 million, USD 664 million, and USD 869 million respectively [2][3] - The target price under SOTP valuation is set at USD 110.81, indicating a potential upside of 43.8% from the current price [1][3]

Investment Rating - The report maintains a "Buy" rating for New Higher Education Group [2][4][7] Core Views - New Higher Education Group reported a revenue of RMB 1.311 billion for the first half of FY24, representing a year-on-year increase of 13.8%, and a net profit attributable to the parent company of RMB 426 million, up 7.6% year-on-year, aligning with previous expectations [4][7] - The growth in revenue is primarily driven by increases in tuition and accommodation fees, with the average tuition fee reaching RMB 16,000, a 13% increase year-on-year [4][7] - The student structure has been optimized, with the proportion of undergraduate students increasing by 3.4 percentage points to 39.8% [4][7] - The gross profit margin for the first half of FY24 was 39.8%, a slight increase of 0.5 percentage points year-on-year, indicating stable profitability despite rising costs [4][7] - The company is expected to maintain a compound annual growth rate (CAGR) of 5.2% in average tuition fees from FY24 to FY26 [4][7] Financial Summary - Revenue for FY24E is projected at RMB 2.262 billion, with a year-on-year growth rate of 6.74% [5] - Net profit for FY24E is forecasted to be RMB 786 million, reflecting a year-on-year increase of 11.82% [5] - The company’s earnings per share (EPS) is expected to grow from RMB 0.51 in FY24E to RMB 0.64 in FY26E [5] - The price-to-earnings (P/E) ratio is projected to decrease from 4.15 in FY24E to 3.31 in FY26E, indicating potential undervaluation [5] Strategic Developments - The transition to for-profit status for private universities is being implemented, allowing institutions to set their own tuition fees based on market conditions [4][7] - The company is focusing on high-quality educational strategies and has increased investments in human resources and infrastructure, with labor costs rising by 11.4% and depreciation costs by 28.4% year-on-year [4][7]

Investment Rating - The report maintains an "Outperform" rating for Budweiser APAC, indicating an expected price increase of 10-20% in the next six months [2]. Core Insights - The company reported a revenue of USD 6.856 billion in 2023, reflecting a year-on-year growth of 11.1% on an organic basis, while net profit decreased by 7% to USD 852 million [4]. - The report highlights the strong growth potential in the high-end product segment in the Chinese market, driven by a structural upgrade, while the Korean market faces competitive pressures [4][5]. - The forecast for net profit from 2024 to 2026 is adjusted to USD 1.028 billion, USD 1.165 billion, and USD 1.293 billion, respectively, with expected growth rates of 21%, 13%, and 11% [4]. Financial Performance Summary - In 2023, Budweiser APAC achieved a beer sales volume of 9.2767 million tons, a 4.6% increase year-on-year, with revenue per ton rising to USD 739, up 6.2% [4]. - The EBITDA for 2023 was USD 2.023 billion, a 4.7% increase, with an EBITDA margin of 29.5%, slightly down by 0.3 percentage points [4]. - The company plans to continue expanding its distribution of high-end products, with a total of 220 cities in China and 63 cities for ultra-premium products by the end of 2023 [4].