• 研报 | 华润医药 (3320.HK) – 半年报点评:製药业务高速增长,分销龙头地位稳固

    6th September, 2018

    摘要: 2018年8月28日   投资概要   上半年,公司分销、製药、零售三大业务收入分别同比增长10.2%/32.9%/16.7%。公司的销售网路持续优化,製药板块彷创结合,重点佈局生物药领域,通过外延并购等方式推动化药和中药板块发展。由于两票制的影响将在2018年下半年消除,预计业绩增长更加正面,因此我们上调目标价至15.2港元,对应2018年目标市盈率1...

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  • 3只即将上市的新股

    23rd July, 2018

    摘要:   3只即将上市的新股 (美团、海底捞、中国铁塔) 2018年上半年,香港证券交易所有108只新股上市,与去年同期相比增长超过40%。上半年平均每月有18家公司上市,其中仅1月就有30家公司登陆港交所。据彭博社数据,2018上半年,香港IPO筹资约为504亿港元。 据港交所公布的数据,现已有超过140家公司向港交所提出上市申请并等待审核。其中不乏包括美团点评、海底捞和...

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  • 研报 | 枫叶教育 (1317.HK) – 轻资产模式驱动,内地国际学校前景看好

    5th July, 2018

    摘要: 投资概要 枫叶教育是一家在中国领先的学前教育到12年级教育(K-12)国际学校运营商。由于中国中产阶级的崛起,轻资产发展模式和独特的双文凭课程,我们相信枫叶将成为中国教育界最有前途的公司之一。 因此,我们给予枫叶“增持”评级,并得出目标价15.68港元,基于2019年纯利,并假设1倍PEG(2018-20年的盈利複合增长率为30%),潜在上涨空间为9.7%。(现价截至7月3日) &nb...

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  • 研报 | 云南白药 (000538.SZ) – 回档现买入时机

    29th June, 2018

    摘要: 投资概要 近期市场波动加剧,公司股价回落,出现买入机会。我们重申公司基本面情况良好,一季度营业收入同比增长7.26%,淨利润同比增速11.18%,经营活动产生的现金淨流量同比增加137.75%。公司销售人效在溷改后改善明显。同时,建议关注公司医疗业务进展。我们预测2018年EPS为3.4元/股,维持33倍目标市盈率,目标股价112.0元。(现价截至6月27日) 公司概况 ...

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  • 港股研报 | 吉利汽车 (175.HK) – 毛利水准有望随着月销过万车型增多更上台阶

    22nd May, 2018

    摘要:   投资概要 我们认为吉利汽车将继续受益于成功的战略带来的红利,未来公司在外延跨越式发展、出口市场方面看点多多,管理层几次大笔增持显示强烈信心。估值上,我们上调盈利预测,并调整目标价至36港元,对应2018/2019年18/13倍预计市盈率,上调至买入评级。(现价截至5月16日) 四月销量强势依旧 吉利汽车4 月份总销量为128,817辆,同比劲升+49%,...

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  • 港股研报 | 云南白药 (000538.SZ)

    18th April, 2018

    摘要: 投资概要 公司医药商业实现平稳增长,医药工业方面,健康产品增长显着。销售费用大幅上升,行销力度不断加大。溷改进一步落地,有望进一步激发未来增长动力。考虑到销售费用等支出可能增加,我们调低2018年EPS预测至3.4元/股(原3.55元/股)。对比历史市盈率和行业市盈率水准,我们给予33倍目标市盈率,目标股价112.0元。(现价截至4月13日)   溷改加速发展 ...

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  • 港股研报——福耀玻璃 (3606.HK)

    5th March, 2018

    摘要: 汇兑损失导致2017年前三季度业绩同比微幅减少5%;核心溢利增长强劲,第三季淨利实际增两成;市场佔有率扩大,销售结构稳步提升;海外业务逐渐转正,全球扩张持续推进。   投资建议 总体来说,不断稳固的龙头地位,产品结构持续优化,高分红率为公司股价提供了较大的安全边际,海外业务的好转将带来盈利高弹性,未来值得看好。我们给予公司目标价34港元,对应2018年16倍预计市盈...

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  • 合兴集团 (47.HK)——中国北方领先的连锁速食品牌经营者

    24th October, 2017

    摘要: 投资概要   迅速扩张的外卖服务及店铺网路 产品组合不断丰富,员工激励计画具有吸引力 餐饮业可能受惠于区域经济发展   公司背景   1.公司基本资料 合兴集团目前主要在中国北部从事连锁速食品牌经营。2011年公司通过发行可转债收购了连锁饭类品牌“吉野家”、霜泣淋品牌“冰雪皇后”在中国北方的特许经营权,由此,公司逐渐从原本专注食用油生产...

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