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[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
Chairman of First Shanghai Investments Yuen Yat Lo Buys 40% More Shares
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