浦银国际研究 浦银国际 策略观点 重磅政策组合拳出台， 短期市场情绪有望修复 策略观点 | 投资策略 重磅政策组合拳出台，短期市场 情绪有望修复 赖烨烨 首席策略分析师 Melody_lai@spdbi.com (852) 2808 0411 2024 年 9 月 24 日 9 月 24 日，国务院新闻办公室举行新闻发布会，同时推出多项重磅政 策，包括降准、降息、降存量房贷利率，并创设新的货币工具等支持股 票市场发展，开启了新一轮政策刺激周期。我们认为这一系列举措将有 助于缓解市场资金面压力，稳定市场预期和改善市场情绪。我们预计港 股和中概股在市场反弹时弹性或较大，短期市场或仍以结构性行情为主， 建议攻守兼备，布局高弹性成长股和优质高息股。 央行宣布降准降息，有助于稳定市场预期。 中国人民银行行长潘功 胜宣布了几项政策：一是降低存款准备金率和政策利率，并带动市场 基准利率下行。近期将下调存款准备金率 0.5 个百分点，向金融市场 提供长期流动性约 1 万亿元。二是降低存量房贷利率，并统一房贷的 最低首付比例。三是创设新的货币政策工具，支持股票市场稳定发展。 其中一项是证券、基金、保险公司互换便利，首期规模 5 ...

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浦银国际研究 浦银国际 财务模型更新 斗鱼 （DOYU.US） 财务模型更新 | 互联网行业 斗鱼（DOYU.US）：收入环比平稳， 推动业务结构多元化 考虑到当前宏观环境及行业竞争，预计公司短期业务增长仍将承压， 调整目标价至 7.7 美元，维持"持有"评级。 收入环比平稳，推动业务结构多元化。公司 2Q24 收入人民币 10.3 亿 元，同比下降 26%，环比稳定；调整后净亏损为 4550 万元，调整后 净亏损率为 4.4%。其中，直播收入为 7.9 亿元，同比下降 37%，主要 是宏观环境疲软以及公司推出低价产品并减少推广活动所致；移动 MAU 同比下降 12%至 4410 万，主要受到短视频平台竞争，导致低频 用户流失，但核心用户保持稳定；季度付费用户为 340 万，环比稳定。 2Q24 创新业务、广告和其他收入为 2.4 亿元，同比增长 81%，收入 占比达到 23%，主要受语音社交等创新业务驱动。公司表示将持续深 化与游戏开发商合作，丰富和推进游戏会员、游戏道具等商业化渠道， 推动业务结构多元化。 增长压力仍存，维持"持有"评级。考虑到宏观环境及行业竞争，预 计公司短期直播业务仍将承压。由于公司派 ...

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Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.50, indicating a potential upside of 156% from the current price of HKD 2.93 [2][3]. Core Insights - The company's value is considered undervalued by the market, primarily due to concerns over the TAVI (Transcatheter Aortic Valve Implantation) business and the impact of being removed from the Hong Kong Stock Connect list. The report suggests that these concerns have already been reflected in the stock price decline [3]. - The report highlights that the market is overly focused on the TAVI business while underestimating the growth potential of the neurointervention segment, which has shown strong performance [3]. - Potential catalysts for a stock price turnaround include the resolution of the "out of connect" issue, the implementation of price-volume exchange in valve procurement, achieving profitability by 2026, and the launch of new products like TaurusTrio [3]. Financial Performance Summary - For 1H24, the company reported revenue of RMB 300 million, a year-on-year increase of 34%. The cardiac valve segment generated RMB 130 million (up 21% YoY), while the neurointervention segment saw revenue of RMB 170 million (up 46% YoY) [3][10]. - The company reduced its net loss to RMB 71.28 million in 1H24, a 66% improvement compared to a loss of RMB 210 million in 1H23 [3][10]. - The report projects revenue growth to RMB 600 million in 2024, with a CAGR of 28% from 2024 to 2026 [4][5]. Market Position and Valuation - The company has a market capitalization of HKD 1.861 billion and a current price-to-sales (P/S) ratio of 2.8 based on 2024 estimates [2][12]. - The report indicates that the company’s cardiac valve and neurointervention businesses are valued at HKD 23 billion and HKD 28 billion, respectively, contributing to the target market value of HKD 51 billion [3]. Product Pipeline and Development - The report outlines the company's product pipeline, including various cardiac valve products and neurointervention devices, with several products expected to receive regulatory approval in the coming years [13].

浦银国际研究 全球科技行业 首次覆盖 | --- | --- | --- | |--------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------| | | | | | | | 2024 年 9 月 9 日 | | | | | ...