Hong Kong Stock Market Update: HORIZON CD soared over 28% after releasing its performance report, with a net profit attributable to shareholders of HKD 960 million for the 23-year period, a YoY increase of 44.9%.
HORIZON CD released its 2023 performance report, with revenue of 9.61 billion yuan, a year-on-year increase of 22.0%. The net profit attributable to common shareholders for the year was 960 million yuan, a year-on-year increase of 44.9%. The stock price surged by over 28% due to the strong performance, with a 25% increase, closing at 1.60 Hong Kong dollars and a turnover of 7.05 million Hong Kong dollars. The company announced a restricted stock and equity incentive plan, forecasting a net profit attributable to the parent company of 10.8/12.2/14.0 billion yuan for 2024-2026. Huatai Securities believes that the company's continued diversification and expansion into overseas markets will lead to sustained growth.
Zhitong App learned that HORIZON CD (09930) surged more than 28% after the earnings report, with a 25% increase at the time of publication, reaching HKD 1.60 with a trading volume of HKD 7.05 million.
In terms of news, HORIZON CD announced its 2023 performance, achieving a revenue of RMB 9.61 billion, a YoY growth of 22.0%; net profit attributable to ordinary shareholders reached RMB 960 million, a YoY increase of 44.9%; and basic earnings per share were 0.316 yuan. The average return on total assets and average return on equity were 3.1% and 11.0%, respectively.
Huatai Securities pointed out that the company released its 2023 annual report: revenue/net profit attributable to shareholders for 2023 were RMB 9.61/0.96 billion, a YoY change of +22.0%/+44.9%, with the net profit meeting expectations (RMB 960 million). The company also announced restricted stock and equity incentive plans, expected to fully motivate employees. The bank believes that the company will continue its diversified development and expand overseas markets, with the scale expected to continue growing. The forecast for the company's net profit attributable to shareholders for 2024-2026 is RMB 1.08/1.22/1.40 billion. Comparable companies Bloomberg and Wind both have a consensus mean of 14.1x PE for 2024. Considering the significant impact on short-term liquidity after the company is removed from the Hong Kong Stock Connect, a PE ratio of 8x for 2024 is given, with a target price of HKD 2.96, maintaining a "Buy" rating.