国证国际港股晨报-20250409

Market Overview - The Hong Kong stock market rebounded after a significant adjustment, with the Hang Seng Index rising by 1.51%, the Hang Seng China Enterprises Index increasing by 2.31%, and the Hang Seng Tech Index up by 3.79% [2] - The total market turnover reached 433.157 billion, maintaining high trading volume for two consecutive days [2] - Southbound funds continued to show net inflows, with a net inflow of 23.634 billion yesterday [2] Northbound Funds - The total transaction amount for northbound funds reached 269.269 billion, accounting for 16.56% of the total market turnover [3] - The top three stocks by transaction amount in the Shanghai Stock Connect were Kweichow Moutai (42.60 billion), China Merchants Bank (34.14 billion), and Heng Rui Pharmaceutical (23.47 billion) [3] - In the Shenzhen Stock Connect, the top three were CATL (37.45 billion), BYD (34.80 billion), and Dongfang Caifu (16.69 billion) [3] Sector Performance - The rare earth sector saw significant gains due to export controls announced by the Ministry of Commerce and the General Administration of Customs, with stocks like Jien Mining rising by 20.56% and China Rare Earth by 1.3% [4] - The domestic consumption sector is expected to perform well, with notable increases in stocks such as China Feihe (8.82%), Leap Motor (12.56%), and NIO (5.51%) [5] - The infrastructure sector also showed positive performance, with companies like Huaxin Cement rising by 10.23% and China Railway by 3.5% [5] Company Analysis: Haidilao (6862.HK) - Haidilao reported a revenue of 42.755 billion for 2024, a year-on-year increase of 2.72%, and a net profit of 4.708 billion, up by 4.65% [10] - The total number of stores at the end of 2024 was 1,355, with a net decrease of 19 stores compared to 2023 [11] - The overall table turnover rate improved by 7.9% year-on-year, reaching 4.1 times per day, while the average customer spending stabilized at 97.5 [11][12] Profitability and Financial Health - The core net profit for Haidilao was 6.23 billion, reflecting an 18.7% year-on-year growth, with a core profit margin of 14.6%, up by 1.9 percentage points [12] - The gross profit margin increased to 62.1%, primarily due to a decrease in raw material costs [12] - The company maintained a high dividend payout ratio of 95%, with a dividend yield of 5% [13] Growth Strategy - Haidilao's "Pomegranate Plan" has incubated 11 sub-brands, contributing to a revenue of 480 million, a 39.6% increase year-on-year [13] - The company continues to demonstrate resilience in the hot pot industry, maintaining a "buy" rating with an adjusted target price of 22.3 HKD [13]