Investment Rating - The report maintains a "Buy" rating for FIT Hon Teng with a target price of HKD 1.65, based on a 9.0x 2024 P/E ratio [2][3][7] Core Views - FIT Hon Teng's 2023 financial performance met expectations, with revenue declining 7.4% YoY to USD 4.196 billion and net profit decreasing 23.5% YoY to USD 130 million [2][8] - The company's "3+3" strategy, focusing on electric vehicles (EV), 5G AIoT, and acoustic products, is expected to drive future growth [2][9] - EV business is seen as a major growth driver, with revenue contribution from EV, 5G AIoT, and acoustic products expected to reach 30% in 2024 and 40% in 2025 [2][9] - The acquisition of SWH (renamed FIT Volaira) is expected to accelerate the company's expansion in the EV market, particularly in Europe [2][10] Financial Performance - 2023 revenue: USD 4.196 billion (-7.4% YoY) [2][8] - 2023 net profit: USD 130 million (-23.5% YoY) [2][8] - 2023 gross margin: 19.2% (+2.3 ppts YoY) [8] - 2023 R&D expenses: 7.3% of revenue (+0.8 ppts YoY) [8] - 2023 administrative expenses: 4.5% of revenue (+1.6 ppts YoY) [8] Future Projections - 2024-2026 EPS forecast: USD 0.023 / USD 0.029 / USD 0.035 [2][7] - 2024-2026 revenue forecast: USD 4.673 billion / USD 5.074 billion / USD 5.472 billion [5] - 2024-2026 net profit forecast: USD 166 million / USD 208 million / USD 245 million [5] Business Strategy - The company is leveraging its global presence and MIH platform to expand its EV business, with a focus on high-voltage connectors and intelligent vehicle systems [9][10] - The acoustic business is benefiting from the company's position as a supplier of TWS products to North American customers [9] - The 5G AIoT and data center markets are expected to drive demand for high-speed connectors, benefiting the company's copper and optical-based products [9] Market Position - FIT Hon Teng is positioned to benefit from the growing EV, 5G AIoT, and data center markets, with a diversified product portfolio and strong R&D capabilities [9][10] - The company's acquisition of FIT Volaira enhances its position in the automotive sector, particularly in Europe [10]

hcraeseR 股 票 研 [Table_Title] Chunli Zhan 詹春立 ytiuqE Company Report: Onewo (02602 HK) 中文版 究 (852)2509 7745 公司报告： 万物云 (02602 HK) Chinese version james.zhan@gtjas.com.hk 26 March 2024 实[Ta现ble_更Su均mm衡ary的] 增长，高派息率，维持“买入” tropeR 公  我们维持“买入”评级，下调目标价至 27.70 港元。我们预计公司 [RTaabtlien_gR:a nk] Buy 2024-2026年每股盈利分别为人民币1.934元、人民币2.247元和人 司 Maintained 民币2.623元，对应2023-2026年的年复合增长率为16.5%。我们采 ynapmoC 报 用市盈率估值法，以13.0倍的2024年市盈率得出万物云的目标价为 评级： 买入 (维持) 告 27.70港元。我们维持“买入”评级。  实现更均衡的增长与高派息率。公司正通过审慎的规模扩张和盈利能 [6T-a1b8lem_ PTrPic e目 ...

Investment Rating - Maintained "Buy" rating with a new target price of HK$20.50, derived from a sum-of-the-parts valuation method (firepower at 0.7x 2024 P/B and renewables at 7.5x 2024 P/E) [1] - 2024 and 2025 EPS forecasts adjusted to HK$2.88 (+3.3%) and HK$3.49 (+1.8%) respectively, with a new 2026 EPS forecast of HK$3.84 [1] Core Views - 2023 performance met expectations with a 56.2% YoY increase in shareholder profit to HK$11.003 billion [1] - Total equity-based operating generation capacity increased by 7,183 MW in 2023, including 3,106 MW from wind and 2,230 MW from solar [1] - Dividend payout ratio remained at 40%, reaching 62% including a special dividend for the 20th IPO anniversary [1] - Firepower business outlook remains stable with a projected 3-5% decline in average fuel cost per unit in 2024, following a 12.6% decline in 2023 to RMB 296/MWh [1] - Ambitious renewable energy expansion plan for 2024, targeting 10 GW of new capacity (up from 5,336 MW in 2023) with a capital expenditure budget of HK$44.6 billion [1] - Low-cost debt financing advantage with an effective interest rate of approximately 2.9% in 2023 [1] Financial Performance - 2023 revenue was HK$103.334 billion, with net profit of HK$11.003 billion, representing a 56.8% YoY increase in EPS to HK$2.29 [4] - 2024 revenue forecast at HK$107.698 billion, with net profit expected to rise to HK$13.837 billion and EPS to HK$2.877 [4] - 2025 revenue forecast at HK$113.202 billion, with net profit expected to reach HK$16.8 billion and EPS to HK$3.492 [4] - 2026 revenue forecast at HK$118.98 billion, with net profit expected to grow to HK$18.493 billion and EPS to HK$3.844 [4] - Operating margin improved to 17.6% in 2023, with a net profit margin of 11.7% [7] - ROE increased to 12.9% in 2023, with further improvements expected to 14.9% in 2024 and 16.3% in 2025 [7] Operational Highlights - Firepower capacity addition planned for 2024 is approximately 927 MW [1] - Renewable energy expansion is supported by strong cash flow from the firepower business and low financing costs [1] - Total assets increased to HK$322.396 billion in 2023, with PPE growing to HK$215.752 billion [7] - Net gearing rose to 182.5% in 2023, with further increases expected to 215.3% in 2024 and 234.3% in 2025 [7] Market Performance - Share price increased by 7.3% over the past month, 15.9% over the past three months, and 13.3% over the past year [3] - Relative performance to the HSI index was 6.6% over the past month, 12.7% over the past three months, and 27.2% over the past year [3] - Average share price over the past year was HK$15.7, with a current share price of HK$17.86 [3]

h 股 c r a 票 e s e R 研 y tiu [ FT la ab sle h_T Nitl oe] t e: CGN Mining (01164 HK) Kevin Guo 郭勇 究 q (852) 2509 5317 E 快讯： 中广核矿业 (01164 HK) yong.guo@gtjas.com.hk 25 March 2024 [Table_Summary] 铀的基本面维持强劲 e  我们维持中广核矿业（“公司”）“买入”的投资评级，目标价为 1.85 港元。我们的目标价对应9.4倍和8.7倍2024-2025 快 to N 年市盈率。我们预计铀价将在2024年因强劲的基本面而继续上升，公司的矿产品产量将稳步增长。 讯 h s a lF  我们预计铀价上升仍将是主要的利润驱动因素。长期而言，铀的供需基本面预计维持强劲，我们预计铀价在2024年 将继续上升并维持高位。铀矿行业投资不足将对全球铀供应产生长期影响，未来5年铀产量增长有限。但随着核电装 机的增长，全球铀需求将稳步增长。世界各国政府已经更改了核电相关政策，特别是在风电和太阳能发电占比上升以 及需要更加稳定的电源之时。因此，随着风 ...

hcraeseR 股 票 研 [Table_Title] Gary Wong 黄家玮 ytiuqE Company Report: China State Construction International (03311 HK) 究 (852) 2509 2616 公司报告： 中国建筑国际 (03311 HK) 中文版 Chinese version gary.wong@gtjas.com.hk 25 March 2024 科[Ta技ble带_Su动mm类ar业y] 务贡献将不断增加  我们重申“买入”评级，维持15.00港元的目标价。我们分别小幅下调中国建筑 [RTaabtlien_gR:a nk] Buy 国际（“公司”）2024/2025年每股盈利预测3.4%/ 3.1%至2.028港元/2.266港 公 Maintained tropeR 元，并首次给予2026年每股盈利预测为2.503港元。我们维持15.00港元的 司 目标价，相当于7.2倍/ 7.1倍/ 6.9倍的2024/ 2025/ 2026年EV/EBITDA。 评级： 买入 (维持) 报 ynapmoC  2023年股东净利润同比增 ...

hcraeseR 股 票 研 [Table_Title] Chunli Zhan 詹春立 ytiuqE Company Report: Greentown Management (09979 HK) 中文版 究 (852)2509 7745 公司报告： 绿城管理 (09979 HK) Chinese version james.zhan@gtjas.com.hk 25 March 2024 增[Ta长ble韧_Su性mm凸ar显y] ，高派息率，维持“买入”评级 tropeR 公  我们维持“买入”评级，并下调目标价至9.40港元。我们预计绿城管 [RTaabtilne_gR: ank] Buy 理2024-2026年每股盈利分别为人民币0.615元、人民币0.773元和 司 Maintained 人民币0.950元，对应2023-2026年的年复合增长率为24.1%。我们 ynapmoC 报 下调目标价至9.40港元，相当于14.0倍的2024年市盈率。我们维持 评级： 买入 (维持) 告 “买入”评级。  2023年业绩强劲，派息率达100%，令人惊喜。在房地产下行周期中， [6T-a1b8lem_ ...

Investment Rating - The report maintains a "Buy" rating for China Mobile (00941 HK) with a target price of HK$78.00 [23][21][15]. Core Insights - The company is expected to achieve stable growth in revenue and net profit, with service revenue reaching RMB 863.5 billion (up 6.3% YoY) and net profit reaching RMB 131.8 billion (up 5.0% YoY) in 2023 [3][11]. - The company plans to increase its dividend payout ratio to 71.5% for 2023 and aims to raise it to over 75% in the next three years [11][15]. - The report anticipates that the company's cost control measures and efficiency improvements will enhance profitability, allowing for dividends to exceed market expectations [21][15]. Financial Summary - For the fiscal years 2024 to 2026, the expected earnings per share (EPS) are RMB 6.912, RMB 7.245, and RMB 7.533 respectively [15][21]. - The projected dividend yields for 2024, 2025, and 2026 are 7.0%, 7.5%, and 8.0% respectively [21][15]. - The company’s capital expenditure is expected to decline, particularly in 5G infrastructure, which will help alleviate operational cost pressures [22][15]. Market Position and Strategy - The competitive environment for traditional telecom operators is expected to remain moderate, benefiting profitability [26]. - The company has been actively repurchasing shares, reflecting management confidence and adherence to state-owned enterprise value management requirements [15][11]. - The report highlights the strong demand for industrial digitalization and the easing of depreciation pressures from traditional business investments as key factors supporting growth [3][11].

h 股 c r a 票 e s e R 研 y [Table_Title] Chunli Zhan 詹春立 tiu Company Report: Greentown Management (09979 HK) 究 q (852)2509 7745 E 公司报告： 绿城管理 (09979 HK) james.zhan@gtjas.com.hk 25 March 2024 [Table_Summary] Undisturbed Growth and High Dividend Payout, Maintain "Buy" tr 公 o  We maintain "Buy" rating and trim TP to HK$9.40. We forecast p [RTaabtlien_gR:a nk] Buy 司 e R G RMre Ben 0t .o 7w 73n aM nda n Ra Mge Bm 0.e 9n 5t 0’s r2 e0 s2 p4 eF ct- i2 v0 e2 ly6 F hE icP hS ret po eb se ntR sM aB C0. A6 G15 R, Maintain ...

h 股 c r a 票 e s e R 研 y [Table_Title] Ivan Wu 吴凱翔 tiu Company Report: Geely Automobile (00175 HK) 究 q (852) 2509 2649 E 公司报告： 吉利汽车 (00175 HK) ivan.wu@gtjas.com.hk 25 March 2024 R[Taebvlee_nSuumem aHryi]t A Record High; Strong Sales Growth of FVs And NEVs Further Drives Business Growth; Maintain "Buy" tr 公 o p 司 e R  Maintain "Buy" with TP of HK$13.33. Considering 1) Geely [RTaabtlien_gR:a nk] Buy 报 y n Automobile’s (“Geely” or the “Company”) scale, product matrix and Maintained a profitability and market s ...

Equity Research 股 票 研 究 证 券 研 究 报 告 Change in Share Price [Table_PriceChange] 股价变动 1 M 1 个月 3 M 3 个月 1 Y 1 年 Abs. % 绝对变动 %8.9 13.8 (28.6) Rel. % to HS Index 相对恒指变动 %7.2 14.3 (15.6) Avg. Share price(HK$) 平均股价（港元） 2.7 2.6 2.9 Source: Bloomberg, Guotai Junan International. Company Report 公 司 报 告 Yuexiu Services (06626 HK) 越 秀 服 务 Equity Research Report 房 地 产 行 业 Property Sector [Table_Title] Company Report: Yuexiu Services (06626 HK) 中文版 Chunli Zhan 詹春立 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | - ...