28 Mar 2024 Anta’s FY23 revenue was up by 16.2% YoY to Rmb62.36bn driven by the YoY rise in Anta brand/ FILA/ Other brands by 9.3%/ 16.6%/ 57.7% to Rmb30.31bn/Rmb25.1bn/ Rmb6.95bn respectively driven by the recovery in the retail market.
CROSBY Research – Canvest Environmental (1381 HK/BUY): Topline down 40% on fewer construction projects
27 Mar 2024 FY23 revenue decreased by 39.6% YoY to HK$4.98bn, mainly due to 1) a 76.7% decline in construction revenue on fewer new projects; and 2) a 1.6% decline in revenue from power sales and waste treatment fees to
CROSBY Research – Natural Food International (1837 HK/BUY): Better than expected FY23 results
27 Mar 2024 NFI’s FY23 topline was up by 7% YoY to Rmb1,845m. Offline sales, which accounted for 54.2% of FY23 sales (FY22: 53.6%), recorded a 8.4% YoY increase last year on the back of i) 48.1% surge in sales
CROSBY Research – Q-Tech (1478 HK/BUY): Revenue growth turned around and GPM bottomed out in 2H23; expect product mix improvement persist into FY24
27 Mar 2024 After three consecutive declines of its semi-annual revenue, Q-Tech reported a turnaround of 2H23 revenue with 5.9% growth to Rmb7,054m. 2H23 total CCM shipment decreased 3.1% YoY to 204.1m units with ASP increased 11.9% YoY to Rmb32.2
CROSBY Research – WL Delicious (9985 HK): Expects a >15% YoY sales growth in FY24
25 Mar 2024 WL Delicious ‘s FY23 revenue increased by 5.2% YoY to Rmb4.87bn. Offline channels contributed Rmb4.36bn in sales, up by 5.2% YoY, with the growth mainly driven by the emerging channels such as O2O and snack specialty retailers,
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 55)
25 Mar 2024 According to Reuters, China has introduced guidelines to phase out US microprocessors from Intel and AMD from government personal computers and servers, the Financial Times reported yesterday. The procurement guidance also seeks to sideline Microsoft’s Windows operating
CROSBY Research – Sunny Optical (2382 HK/BUY): Conservative HLS/ HCM shipment and GPM guidance, but product mix improvement may be upside surprise
25 Mar 2024 After four consecutive declines of its semi-annual revenue, Sunny reported a turnaround of 2H23 revenue with 7.3% YoY growth to Rmb17,403m, driven by HLS/HCM shipment growth of 21.6%/37.3% YoY. GPM in 2H23 shrunk by 4.9ppt YoY to
CROSBY Research – Tai Hing (6811 HK): Turnaround in FY23 with a generous payout ratio
25 Mar 2024 Tai Hing’s FY23 revenue increased by 20.1% YoY to HK$3.21bn, with revenues from HK & Macau/China rose by 24.1%/1.6% YoY to HK$2.72bn/HK$0.49bn, benefiting from the reopening of the Chinese Mainland/HK border and promotional activities by HK Govt
CROSBY Research – Vincent Medical (1612 HK/BUY): Achieving financial turnaround in FY23
21 Mar 2024 Vincent Medical’s FY23 turnover (VM) amounted to HK$718.0m, representing a YoY increase of 14.1%. The increase is mainly driven by the increase in orders from the imaging disposable products segment, coupled with the rebound in sales of
CROSBY Research – Xiaomi Corporation (1810 HK): Solid 4Q23 core business recovery; launching of new EV will be near-term catalyst
21 Mar 2024 Xiaomi reported 4Q23 results, with its revenue up 10.9% YoY to Rmb73.2bn, in which its YoY growth accelerated from 0.6% in 3Q23. After seven consecutive quarters’ of shipment decline, smartphone revenue strongly rebounded by 20.6% YoY to