00227 FIRST SHANGHAI
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FIRST SHANGHAI News
[Brokerage Focus] FIRST SHANGHAI maintains a Buy rating on Chinasoft International (00354) and is Bullish on the company's impact and layout in the Asia Vets Business.
Goldwings Financial News | FIRST SHANGHAI's research report indicates that in the first half of 2024, ChinaSoft International (00354) achieved revenue of 7.926 billion yuan, a year-on-year decline of 6.2%; this was mainly due to decreased demand from core major client businesses. The revenue from the Asia Vets business was 3.368 billion yuan, a year-on-year increase of 2%; the net income attributable to the parent company was 0.286 billion yuan, a year-on-year decrease of 18.6%. The gross margin fell year-on-year to 23.1%, mainly due to macroeconomic factors influencing major client pricing business. From 2023 to 2024, the company continued to conduct multiple share buybacks, cumulatively repurchasing and canceling nearly 0.26 billion shares.
[Brokerage Focus] FIRST SHANGHAI maintains a "Buy" rating on CHINA POWER (02380). The accelerated development of new energy projects will bring stable profit growth.
Jinwu Finance | FIRST SHANGHAI released a Research Report indicating that CHINA POWER (02380) had a total consolidated electricity sales volume of 108,220,668 megawatt-hours in the first ten months of 2024, an increase of 30.56% compared to the same period last year. Thanks to the new installed capacity, the company's controlled wind power electricity sales grew by 57.05% year-on-year; photovoltaic electricity sales increased by 79.55% year-on-year. Hydropower benefited from a recovery in water levels in the first half of this year, with electricity sales growing by 62.62% year-on-year. The company's overall electricity sales growth rate performed excellently in the Industry, showcasing the steady advancement of the company's incremental projects, thereby driving rapid development in electricity sales business. The bank stated that the public
FIRST SHANGHAI: Maintains CHINA POWER (02380) "Buy" rating with a Target Price of 4.73 Hong Kong dollars.
CHINA POWER aims for the proportion of clean energy installed capacity to reach 90% by 2025.
【Brokerage Focus】FIRST SHANGHAI gives AKESO (09926) a "Buy" rating, indicating that the R&D pipeline has initially shown world-class potential.
Jingu Financial News | FIRST SHANGHAI issued a Research Report indicating that AKESO (09926) saw its product revenue increase by 24% to 0.94 billion yuan in the first half of 2024, where the revenue from Cardunili rose by 16.5% to 0.71 billion yuan; Pembrolizumab generated 0.13 billion yuan, and Ivosidenib generated 0.1 billion yuan. Along with royalty income, the company recorded total revenue of 1.03 billion yuan, with a gross margin of 91.3%. Research and development expenses increased by 3% to 0.59 billion yuan, resulting in a net loss attributable to shareholders of 0.24 billion yuan. The company had net cash on hand of 2.4 billion yuan as of 2024. There were two placements in 2024 (in March and October) which raised 1.17 billion and 19.2 million respectively.
First Shanghai: Maintains a "buy" rating on Miniso with a target price of 58.29 HKD.
First Shanghai released a research report stating that it maintains a "buy" rating for Miniso (09896), expecting adjusted net income for 2024-2026 to be 2.81/3.57/4.34 billion yuan respectively, hence giving a target price of 58.29 HKD. As a global leader in private label retail, the company has vast expansion space both domestically and internationally. Looking ahead, as the proportion of overseas sales increases, along with brand upgrades and the deepening implementation of the global strategy, the company’s profitability is expected to continue to improve. Performance situation: 2024 Q1-Q3/Q3, the company achieved revenue of 12.281/4.523 billion yuan, +22.8% year-on-year.
[Brokerage Focus] First Shanghai maintains a "buy" rating on miniso (09896), indicating that the Q4 peak season is expected to bring about performance release.
Jingwu Financial News | First Shanghai released a research report indicating that Miniso (09896) achieved revenue of 12.281/4.523 billion yuan in Q1-Q3/Q3 of 2024, representing a year-on-year growth of +22.8%/+19.3%. The adjusted net income was 1.928/0.686 billion yuan, a year-on-year increase of +13.7%/+6.9%, with an adjusted net margin of 15.7%/15.2%, a year-on-year decrease of -1.3/-1.7 percentage points. The bank stated that overseas Miniso achieved revenue of 4.54/1.81 billion yuan in Q1-3/Q3, marking a year-on-year growth of +41.5%/+39.8%. Among them, Q1-3
First Shanghai Adjusts Price Target on Meta Platforms to $710 From $600, Maintains Buy Rating
[Brokerage Focus] First Shanghai raises Meituan's (03690) target price to HKD 220, indicating its Q3 performance significantly exceeds expectations.
Jinwu Financial News | First Shanghai Research indicates that Meituan (03690) achieved revenue of 93.6 billion yuan in Q3 2024 (YoY +22.4%), compared to market expectations of 91.7 billion yuan. Operating profit was 13.7 billion yuan, with an operating margin of 14.6%. Adjusted net income was 12.8 billion, exceeding the consensus expectation of 11.7 billion yuan, with an adjusted net income margin of 13.7%, mainly due to the continuous improvement in the profitability of core local business, optimization of operational efficiency, and significant reduction of losses in new businesses. The company continues to optimize costs, striving to improve operational cost efficiency, with gross margin increasing by 3.3% year-on-year to 38.6%, and an increase in operating profit margin.
[Brokerage Focus] First Shanghai recommends a buy rating for BYD Company Limited (01211), pointing out that the continued increase in high-end models and overseas sales volume will thicken the net profit per vehicle.
Jingwu Financial News | First Shanghai Research pointed out that BYD Company (01211) achieved revenue of 502.2 billion yuan in the first three quarters, +18.9% year-on-year; achieved net income attributable to shareholders of 25.2 billion yuan, +18.1% year-on-year; Q3 single-quarter revenue reached 201.1 billion yuan, +14.2% quarter-on-quarter; gross profit was 44 billion yuan, +33.7% quarter-on-quarter; comprehensive gross margin was 21.9%, +3.2 percentage points quarter-on-quarter; net income attributable to shareholders was 11.6 billion yuan, +28% quarter-on-quarter. The company's electric vehicle sales have been increasing month by month, and the advantage of scale has further enhanced the company's profitability, with overall performance meeting expectations.
[Brokerage Focus] First Shanghai maintains a buy rating on alibaba (09988), indicating that active buybacks continually enhance the company's value.
Jingu Financial News | first shanghai released a research report indicating that the current e-commerce market in china faces significant uncertainty and intense competition. This quarter, alibaba (09988) is focusing on enhancing user experience, gaining user growth and retention through product pricing power and customer service, while also introducing profit-sharing measures and efficiency-improving marketing tools for merchants. Despite facing short-term uncertainties, this will help consolidate the company's market share and monetization level in the long run. Additionally, alibaba cloud, as a leading cloud provider in the country, will lead AI-related demand. Furthermore, the company is placing greater emphasis on reducing losses in its unprofitable business and is continually increasing its buybacks.
[Brokerage Focus] First Shanghai maintains a buy rating for Netease (09999), indicating that Blizzard's games returning are causing a resurgence in revenue from online games.
Jinwu Financial News | First Shanghai released a research report indicating that in Q3 2024, Netease (09999) achieved revenue of 26.21 billion yuan, a year-on-year decline of 3.9%, which was lower than the consensus expectation of 26.59 billion yuan. This quarter, the return of Blizzard's PC game products resulted in a year-on-year decrease in gross margin by 290 basis points to 62.9%; the operating profit margin was 27.3%, a year-on-year decline of 40 basis points. GAAP net income attributable to the parent company was 6.54 billion yuan, a year-on-year decline of 16.6%; Non-GAAP net income attributable to the parent company was 7.5 billion yuan, a year-on-year decline of 13.3%, which was lower than the consensus expectation of 8 billion yuan, diluted.
[Brokerage Focus] First Shanghai maintains a buy rating on Chinagoldintl (02099) as the resumption of production in the Jiaama Mining Area drives a gradual recovery in output.
Jinwu Finance | First Shanghai Research pointed out that in the first three quarters of 2024, China Gold International (02099) achieved revenue of 0.463 billion USD, a year-on-year increase of 19%; the net loss was 3 million USD, a decrease in losses of 2.5 million USD year-on-year. The company's sales cost increased by 30% year-on-year, mainly due to the one-time expenditure of 54.4 million USD recognized in the third quarter for mining rights from the past seven years. In the third quarter, benefiting from the simultaneous rise in gold and copper prices and quantities, the company achieved revenue of 0.255 billion USD, a year-on-year increase of 309%; net income was 27.9 million USD, reversing losses of 58.7 million USD.
First Shanghai Downgrades Netflix to Hold From Buy, Adjusts Price Target to $823 From $742
First Shanghai: tencent (00700) Q3 financial results are in line with expectations, year-on-year growth, advertising business may continue to see high growth.
In terms of profit, Non-GAAP net income is expected to increase by 19.55% year-on-year in the third quarter, to around 53.7 billion yuan.
Brokerage Focus: First Shanghai maintains a buy rating on Ideal Autos (02015), expecting pure electric models to become the main growth driver next year.
First Shanghai's research reports indicate that Ideal Autos (02015) achieved vehicle sales revenue of 41.32 billion yuan in Q3 2024, a year-on-year increase of 22.9% and a quarter-on-quarter increase of 36.3%. The total delivery volume of autos in Q3 2024 was 0.153 million, an increase of 45.4% year-on-year. The gross margin of autos in Q3 increased to 20.9%.
[Brokerage Focus] First Shanghai maintains a buy rating on GCL Tech (03800), indicating that its third-quarter performance has bottomed out and stabilized.
Jingu Financial News | First Shanghai issued a research report, GCL Tech (03800) reported a shareholder net loss of approximately 2.97 billion yuan in the first three quarters, with a quarterly loss of approximately 1.49 billion yuan, mainly due to a significant year-on-year decrease in the average prices of silicon materials and silicon wafers. The shareholder net profits for the first three quarters were 0.033 billion yuan/-1.512 billion yuan/-1.492 billion yuan respectively, with performance in the quarter stabilizing.
[Brokerage Focus] First Shanghai maintains a buy rating on zijin mining group (02899), expecting copper and gold prices to continue to rise.
King & Capital News | First Shanghai issued a research report, Zijin Mining Group (02899) achieved revenue of 230.396 billion yuan in the first three quarters of 2024, an increase of 2.39% year-on-year; attributable net income was 24.357 billion yuan, an increase of 50.68% year-on-year; in the third quarter, the company's revenue was 79.98 billion yuan, an increase of 7.11% year-on-year; attributable net income was 9.273 billion yuan, an increase of 63.64% year-on-year. The bank pointed out that with the direction of the Fed's interest rate cut determined, and the safe-haven demand brought about by political and economic uncertainties, this year the gold price continues to run at high levels. Currently, the closing price of London spot gold is
[Brokerage Focus] First Shanghai initiates a buy rating on Yankuang Energy (01171), expecting the company's full-year coal chemical projects to turn losses into profits.
Jingu Finance | First Shanghai issued research guidance, Yankuang Energy (01171) achieved revenue of 106.6 billion yuan in the first three quarters, a year-on-year increase of 21.5%; achieved a net income attributable to the mother of 11.4 billion yuan, a year-on-year decrease of 27%; non-recurring net income attributable to the mother was 110.5 yuan, a year-on-year decrease of 22.5%. In the third quarter Q3, revenue reached 34.32 billion yuan, a quarter-on-quarter decrease of 15.5%/+5%; net income attributable to the mother was 3.84 billion yuan, a quarter-on-quarter decrease of 15.63%/+0.7%, the company's slight increase in net income in the quarter is mainly due to the average price of 5500K coal in the Qinhuangdao market being 852.5 yuan/ton in Q3, unchanged from Q2.
First Shanghai: maintains a "buy" rating on aac tech (02018) with a target price of 39.09 Hong Kong dollars.
first shanghai predicts that the revenue of GoerTek from 2024 to 2026 will be 26.03 billion yuan / 29.24 billion yuan / 32.99 billion yuan respectively.
[Brokerage Focus] First Shanghai recommends buying CSPC Pharma (01093) and expects its new products to be approved successively, with the pharmaceutical sector poised to resume high growth.
Jingu Financial News | First Shanghai issued a research report, cspc pharma (01093) achieved a revenue of 16.28 billion yuan in the first half of 2024 (+1.3% year-on-year, the same below), gross profit of 11.65 billion yuan (+3.7%), gross margin of 71.6% (+1.7pts). Based on the financial statements, the net profit attributable to shareholders was 2.02 billion yuan (+1.8%), with a net margin of 18.5% (+0.1pts). Looking at the sectors, the traditional Chinese medicine sector generated revenue of 13.55 billion yuan (+4.8%), with a significant sequential decline in Q2 revenue; although the price of vitamin C raw materials is slowly recovering, demand is decreasing.
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