Investment Rating - The report assigns a "Neutral" rating to the company with a score of 65 [6][13]. Core Insights - The company is the first in the Hong Kong market to focus on medical AI, providing a unique advantage. It has established partnerships with major pharmaceutical companies such as Pfizer, Johnson & Johnson, and Merck, indicating recognition of its service quality. The involvement of notable investors further supports the company's long-term prospects. However, the high historical price-to-sales ratio raises concerns about the company's ability to quickly increase revenue through new orders [6][15]. Company Operations - The company was founded in 2015 by three postdoctoral scientists from MIT and is headquartered in Shenzhen. It leverages cutting-edge technologies such as quantum physics, AI, and cloud computing to provide R&D solutions for various industries, including biomedicine and materials science [13]. - The company's revenue sources are primarily from two segments: drug discovery solutions and intelligent automation solutions, which accounted for 50.3% and 49.7% of revenue in 2023, respectively. The drug discovery segment has seen revenue growth from 39.35 million RMB in 2021 to 87.73 million RMB in 2023, with a CAGR of 49.3%. The intelligent automation solutions segment grew from 23.45 million RMB to 86.69 million RMB, achieving a CAGR of 92.3% [14]. Valuation - The company's IPO price corresponds to a historical price-to-sales ratio of 91.1 to 109.2, which is higher than its peers, including global AI leader NVIDIA [15]. Market Atmosphere - The report notes a positive market atmosphere, with 43 out of 65 companies listed in the past year experiencing first-day gains. Among the 17 companies listed in the last three months, 13 had first-day increases, indicating a favorable market sentiment [6].

药明生物（2269HK）12024年5月23日 香港股市丨医药 药明生物（2269HK） 预计2024-25年业绩将逊预期，长远看仍面对挑战 预计2024-25年业绩将逊于预期 我们近期审视了公司营运表现，预计2024-25年收入与盈利将逊预期，主因：1）管理层 表示2024年初至今由于国内上游创新药企业融资环境不佳减少研发支出，新增项目情况 略逊预期。2）美国生物安全法案的不明朗导致年初至今部分美国客户在签署长期订单方 面有顾虑。新增项目数量不达预期将影响产能利用率及毛利率。此外，公司的爱尔兰生 物药原液生产基地年初投产，公司预计投产初期利润率将低于现有成熟业务，因此2024- 25年将拖累公司利润率。综上，我们将2024-25E收入预测分别下调7.1%与12.4%，股东 净利润及反映核心业务盈利的经调整净利润分别下调16.2%与18.3%及12.6%与15.8%。 美国众议院版本生物法案较参议院温和，但预计2028年后美国药企将逐步退出合作 美国众议院日前投票通过《生物安全法》草案的修订版（H.R.8333），提议要求美国药 企2032年1月1日前终止与公司合作，这将为公司在美国的业务提供8年过渡期。由于 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.85 [4][9]. Core Insights - The company reported a robust performance with a 13.8% year-on-year increase in revenue to RMB 1.31 billion for the first half of FY2024, driven primarily by tuition fee growth [2]. - The gross profit margin remained stable at 39.8%, reflecting a slight increase of 0.5 percentage points year-on-year, supported by an optimized cost structure [2][3]. - The company has strengthened its educational offerings by adding new undergraduate programs and enhancing partnerships with over 1,156 well-known enterprises [2]. Financial Performance Summary - Revenue for FY2024 is projected to reach RMB 2.366 billion, representing a growth rate of 11.6% [5]. - Net profit is expected to increase by 16.6% to RMB 819 million, with a net profit margin of 34.6% [4][5]. - The company has effectively controlled operational costs, with selling expenses at RMB 22 million and administrative expenses rising to RMB 53 million due to external consultancy fees [3]. Valuation Metrics - The current valuation stands at approximately 3.7x and 3.3x FY24E and FY25E P/E ratios, respectively, with a dividend yield of around 15.0% [4]. - The report highlights a projected dividend payout ratio of 50%, despite a change in the dividend policy to only pay a final dividend [4]. Future Outlook - The company is expected to continue its growth trajectory with a focus on improving educational quality and employment rates for graduates, while maintaining stable revenue streams [4]. - The financial forecasts indicate a steady increase in earnings per share, projected to reach RMB 0.526 in FY2024, with continued growth in subsequent years [5].

春来教育（1969 HK） | 2024年5月8日 香港股市 | 教育行业 | 高等教育 公司点评 中国春来教育（1969 HK） 未评级 降本增效成效显著，派息率提升 股票资料 现价 4.78 港元 上半年净利润同比增长16.0% 总市值 5,748 百万港元 春来教育2024财年上半年实现收入8.1亿元（人民币，下同），同比增长8.7%，略低于 预期，收入增长主要来自于学费提升，其中学费和住宿费分别同比增长 9.1%和 4.7%。上 流通股比例 24.9 % 半年毛利率60.7%，同比下降2.2百分点。公司去年开始严格控制费用开支，在降本增效 已发行总股本 1,200 百万 措施下，上半年运营费用开支与去年同期持平，费用率从15.6%下降至14.7%，运营费用 52周价格区间 4.13 – 7.60 港元 低于预期。上半年公司净利润 3.8 亿，同比增长 16.0%，净利润率 47.2%，盈利能力符合 预期。公司并宣布派发每股中期股息0.0907人民币，派息率提升至30%，高于预期。 3个月日均成交额 3.2 百万港元 未来展望：学生人数上升，资本结构优化 主要股东 候俊宇 75.0% 来源：彭博、中泰国 ...

中汇集团（382 HK） | 2024年5月8日 香港股市 | 教育行业 | 高等教育 更新报告 中汇集团（382 HK） 评级：买入 盈利增长稳定，但费用开支超预期 目标价：4.76 港元 上半年运营费用高于预期 股票资料 中汇集团2024财年上半年在校生9.6万，同比净增长约1万人。上半年实现收入同比增 现价 2.49 港元 长19.3%至11.6亿元（人民币，下同）。按学历划分，高等职业教育/中等职业教育/非学 总市值 2,843 百万港元 历职业教育的收入分别同比增长 21.7%/7.7%/4.9%，当中高等职业教育收入占比 84.9%。 期内毛利率为49.8%，轻微下跌0.8 百分点，符合预期。上半年销售开支2,900 万，费用 流通股比例 29.1 % 率下降至 2.5%。另一方面，受到行政师资薪酬上调、新校园投入使用时的折旧增加、以 已发行总股本 1,142 百万 及校园维护开支上升等影响，行政费用从1.6 亿同比上升47.2%至2.3 亿元，超出预期， 52周价格区间 2.13 – 3.16 港元 行政费用率提升至 19.6%。因此，上半年净利润率从去年通勤 37.7%下跌至 35.4%。公司 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 6.85 [6][9]. Core Insights - The company achieved a revenue of RMB 3.28 billion in the first half of FY2024, representing an 18.3% year-on-year increase, driven by a 9% rise in average tuition fees and a 9% increase in student enrollment [2]. - The net profit for the same period was RMB 1.07 billion, a 9.6% increase year-on-year, with an adjusted net profit of RMB 1.09 billion [2]. - The company plans to invest RMB 50 billion from 2023 to 2025 for campus expansion, aiming to increase the capacity of various institutions significantly [3]. - The company is also focusing on enhancing the proportion of international courses, which have an average tuition fee approximately 60% higher than regular courses [3]. - The forecast for FY2024 net profit is adjusted to RMB 1.99 billion, reflecting a 43.8% year-on-year growth [4]. Financial Summary - For FY2024, the company expects revenues to reach RMB 6.54 billion, with a growth rate of 16.4% [5]. - The gross profit margin is projected to decline to 55.1%, down 0.9 percentage points from previous estimates [4]. - The company has increased its dividend payout ratio to 45%, exceeding market expectations, with a current dividend yield of approximately 9% to 10% [4][5]. - The company holds approximately RMB 4.5 billion in cash, indicating a strong liquidity position to support future capital expenditures [4].

昭衍新药 | 2024年4月3日 评级：中性 香港股市 | 医药更新报告 昭衍新药（6127 HK） 目标价：8.48 港元 终端需求回升仍需时间，2024 年仍将面对挑战 股票资料（更新至2024年4月2日） 现价 9.16港元 2023年收入增速显著放缓 总市值 13,587.91百万港元 流通股比例（H股） 84.83 % 公司2023年收入同比增加4.8%至23.8亿元（人民币，下同），毛利同比下滑9.4%至9.8 已发行总股本 119.00百万 亿元，股东净利润同比下降 63.0%至 4.0 亿元。剔除由于实验猴市场价下滑产生的约 2.9 52周价格区间 8.62-25.714港元 亿生物资产公允值损失后，核心业务盈利同比下降 7.3%至约6.9 亿元，2023 年收入与盈 3个月日均成交额 13.74百万港元 利情况均符合公司 1 月发布的盈利预告。由于下游药企经营环境不佳，削减研发支出并 主要股东 冯氏家族（占32.25%） 来源：彭博，中泰国际研究部 终止约8亿元订单，导致收入增速显著放缓，核心业务盈利下降。 预计2024年仍面临挑战，下调2024-25年收入与盈利预测 我们在今年1月的报告中 ...

方达控股（1521 HK）| 2024年4月3日 香港股市 | 医药 更新报告 方达控股（1521 HK） 评级：中性 2023 年业绩逊预期，短期内仍面对挑战 目标价：1.50 港元 2023年业绩逊于预期 股票资料（更新至2024年4月2日） 公司2023年收入同比增加3.8%至2.6亿美元，毛利同比下滑12.1%至7,839万美元，股 日现）价 1.42港元 总市值 3,022.21百万港元 东净利润同比大幅下滑58.0%至1,081万美元。我们在2023年8月的报告中已警示收入 流通股比例 20.21% 增长将显著放缓，并预测股东净利润将同比大跌超三成，但 2023 年收入与股东净利润 已发行总股本 2,098.76百万 仍分别较预测低 6.4%及34.8%。截止2023 年底，在手订单仅同比微增 0.1%至 3.4 亿美 52周价格区间 1.38-2.68港元 元，下半年新签订单情况差于预期。管理层表示，由于全球药企融资环境转差，部分药 3个月日均成交额 9.88百万港元 企削减研发支出，研发外包服务终端需求下降。公司部分设施的产能利用率降低，2023 主要股东 泰格香港(占51.96%) 来源：彭 ...

Investment Rating - The report has downgraded the investment rating of the company to "Neutral" from "Buy" [3][11]. Core Views - The company's FY23 net profit increased by 7.9% year-on-year to 480 million RMB, but this was 27.1% lower than the forecast of 660 million RMB due to lower-than-expected retail gas sales and higher financial costs [2][3]. - The company has provided cautious guidance for FY24, expecting retail gas sales to grow by 5%-6% and adding 280,000-300,000 new residential users [3][4]. - The target price has been adjusted down from HKD 6.12 to HKD 5.05, reflecting a reasonable valuation given the recent stock price increase of 28.2% over the past three months [3][11]. Summary by Sections Financial Performance - FY23 revenue was 7.725 billion RMB, with a retail gas sales volume growth of 4.5%, below the company's guidance of 6%-8% [2][3]. - Wholesale gas sales increased by 40.2%, also below the forecast of 45% [2][3]. - Financial costs rose by 20.4% to 391 million RMB due to increased borrowing rates, exceeding the forecast of 310 million RMB [2][3]. FY24 Guidance - The company expects retail gas sales to grow by 5%-6% and aims to add 280,000-300,000 new residential users [3][4]. - The report anticipates a more conservative estimate of a 4.4% increase in retail gas sales and 222,000 new residential users for FY24 [3]. Profit Forecast Adjustments - The net profit forecasts for FY24 and FY25 have been reduced by 32.1% and 36.2% to 540 million RMB and 600 million RMB, respectively [3][4]. - The report indicates a projected increase in net profit of 11.9% and 12.6% for FY24 and FY25 [3][4]. Valuation Metrics - The adjusted target price corresponds to an 8.5 times FY24 price-to-earnings ratio, indicating limited upside potential from the current price [3][4]. - The report highlights that the current stock price reflects a reasonable valuation after a significant increase in the past three months [3][4].

联邦制药（3933 HK）| 2024 年 4 月 2 日 香港股市 | 医药 联邦制药（3933 HK） 2023 年盈利超越预期，未来将稳健增长 2023 年盈利超越预期 公司 2023 年营业收入同比增长 21.2%至 137.4 亿元（人民币，下同），略超我们预期。2023 年海外市场中间体与原料药的需求显著回升，国内市场需求也逐步回暖，公司中间体与原料 药业务收入分别同比上涨 44.9%与 23.7%至 23.2 亿元及 64.0 亿元。与此同时，由于动保业务 下半年从主要客户牧原股份获得更多订单等原因，公司制剂业务收入同比增加 10.2%至 50.2 亿元。由于中间体及原料药产品价格上涨等原因，公司毛利率从 43.8%提高至 46.1%。公司销 售费用率从 2022 年的 14.7%降低至 11.6%，导致股东净利润同比增加 70.9%至约 27.0 亿元， 超出预期 18.8%。 预计 2024-26E 收入将平稳增长 考虑到 2023 年收入略超预期，我们将 2024-25E 收入预测分别微升 0.05%、2.5%，预计 2023- 26E 收入 CAGR 为 6.9%，基于：1）随着国内医药 ...