携程（TCOM.O） 更新报告 买入 2024 年 9 月 4 日 国内业务彰显韧性，出境及海外延续高增 24Q2 业 绩增 长 超预期 ： 24H1 集团实现收入 、经调整 净利润分别为 247.1/90.4 亿元人民币（下同），同比+20.7%/+64.4%，其中 24Q2 收入、 经调整净利润分别为 127.9/49.9 亿元，同比+13.5%/+45.2%。在当前国内 旅游行业或面临价格扰动的环境下，集团经营增长彰显韧性。 国内出行稳健，出境及海外延续高增：分业务看，集团于 24H1 住宿预订/交通 票务/旅游度假/商旅管理/其他业务收入分别为 96.3/98.7/19.1/11.4/21.5 亿 元，同比+24.0%/+10.0%/+72.2%/+11.2%/+34.5%，其中 24Q2 单季度收入分别 为 51.4/48.7/10.3/6.3/11.2 亿 元 ， 同 比 +19.9%/+1.2%/+42.0%/+8.4%/ +31.0%。分区域市场看，集团中文站点 24Q2 酒店预订共计同比约+20%。我们 预计，其中 1）国内游方面，集团期内受酒店价格波动的负面影响略好于行 业，且酒店及交通票 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.54, representing a potential upside of 35% from the current price [2][4]. Core Insights - The company's revenue for the first half of the year decreased by 57.7% year-on-year to RMB 8.86 billion, with a gross loss of RMB 550 million, primarily due to a 68% drop in silicon material prices and an inventory impairment of RMB 820 million [2]. - The company sold 126,000 tons of granular silicon in the first half, a 25% increase year-on-year, with silicon material revenue of RMB 4.86 billion and an average price of RMB 40.3 per kilogram [2]. - The company is expected to further reduce costs, with cash costs for granular silicon projected to fall below RMB 30 per kilogram after the completion of upgrades at its four major bases [2]. Financial Summary - Total revenue for 2022 was RMB 35.93 billion, with a projected decline to RMB 17.00 billion in 2024, followed by a recovery to RMB 31.15 billion in 2026 [5][6]. - Shareholder net profit is expected to be negative RMB 2.25 billion in 2024, with a recovery to RMB 2.71 billion in 2026 [5][6]. - The company’s net profit margin is projected to improve from -18% in 2024 to 10% in 2026 [6]. Production and Quality Improvement - The company has achieved significant improvements in the quality of granular silicon, with 95% of products meeting the stringent impurity standards [2]. - The company’s major clients accounted for 62.2% of total shipments in the first half, indicating strong demand and potential for increased market share [2]. Market Outlook - The report anticipates that the silicon material prices will stabilize, and the company is expected to recover cash profitability ahead of the industry [2]. - The long-term outlook remains positive due to the company's ability to enhance production capacity and maintain a competitive edge in the low-carbon segment [2].

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company demonstrates continuous high-quality development with an increasing dividend payout ratio year by year [1]. - The company is positioned among the top tier in the property management industry, leveraging strong operational capabilities and resilience in performance [1]. Financial Performance Summary - For the first half of 2024, the company reported a revenue growth of 17.1%, with core net profit increasing by 24.2% to 1.77 billion RMB [1]. - The overall gross profit margin improved to 25.1%, with a dividend per share of 0.279 RMB, reflecting a payout ratio of 38.0% [1]. - The total contracted area managed by the company reached approximately 4.1 billion square meters, with a third-party management ratio increasing from 59.2% to 60.7% [1]. Business Segment Performance - The commercial management segment's revenue grew by 23.4% to 2.85 billion RMB, with a gross margin increase of 2.4 percentage points to 60.9% [1]. - The rental income from shopping centers increased by 19.7% to 12.6 billion RMB, with a net operating income (NOI) margin rising to 67.8% [1]. - The number of shopping centers in operation reached 108, maintaining a high occupancy rate of 96.7% [1]. Future Projections - The company is expected to achieve net profits of 3.78 billion RMB, 4.33 billion RMB, and 4.93 billion RMB for the years 2024 to 2026, respectively [1]. - The target price for the company's shares is set at 36.2 HKD, indicating a potential upside of 51.6% from the current price of 23.90 HKD [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 22.58, indicating an upside potential of 18.47% from the current price of HKD 19.06 [1][3]. Core Insights - The company reported revenue of RMB 888.9 billion for Q2 2024, a year-on-year increase of 32.0%, exceeding market expectations of RMB 867.5 billion. The overall gross margin was 20.7%, slightly down by 0.3 percentage points year-on-year but above the expected 19.6% [1]. - The net profit reached RMB 50.7 billion, up 38.3% year-on-year, while adjusted net profit was RMB 61.8 billion, reflecting a 20.1% increase [1]. - Cash reserves stood at RMB 141 billion, a 24.5% increase year-on-year, with a total of 248 million shares repurchased for HKD 3.68 billion as of July 19, 2024 [1]. Revenue and Profitability - The mobile and AIoT segment generated revenue of RMB 825.2 billion, a 22.5% increase year-on-year, with a gross margin of 21.1%, up 0.1 percentage points [1]. - Smartphone revenue was RMB 465.2 billion, growing 27.1% year-on-year, driven by a 28.1% increase in smartphone shipments to 42.2 million units [1]. - IoT business revenue reached a record high of RMB 267.6 billion, up 20.3% year-on-year, with a gross margin of 19.7%, an increase of 2.1 percentage points [1]. Automotive Business - The automotive segment reported revenue of RMB 63.7 billion, with vehicle sales contributing RMB 62.4 billion. The average selling price (ASP) was RMB 229,000, with Q2 deliveries reaching 27,307 units [1]. - The gross margin for the automotive business was 15.4%, significantly exceeding market expectations, attributed to strong supply chain negotiation capabilities and high sales volumes [1]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are RMB 3390.9 billion, RMB 3967.0 billion, and RMB 4317.9 billion, respectively. Net profit projections for the same years are RMB 170.3 billion, RMB 216.0 billion, and RMB 271.1 billion [1][2].

理想汽车（LI.O/2015.HK） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|------------------------------|--------------------------|---------|-------------------------------------------|---------------|---------------|---------------------------------------| | | | 买入 | | | | | | | 2024 年 9 月 3 日 | | | 智 ...

中国民航信息网络（696） 更新报告 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------| | 买入 \n受益于民航业需求回暖，业绩恢复增长 | 李宜格 | 2024 年 9 月 3 日 | | 业 绩 符合预期 ： 2024 年 上 半 年 公司收入 40.4 亿元人民币 | 852-25321962 | | | （ YoY+22.2% ）,归属于母公司股东净利润 13.7 亿元（ YoY+13.9% ），主要 | | Vicky.li@firstshanghai.com.hk | | 是受益于民航运输业需求回暖，系统处理旅客量恢复增长所致。公司每股 | 罗凡环 | | | 盈利为人民币 0.47 ...

英伟达（NVDA） 更新报告 第一上海证券有限公司 www.mystockhk.com 业绩摘要 GAAP 摊薄每股收益为 0.67 美元，高于彭博一 致预期的 0.61 美元 图表 1： 季度收入及增速（百万美元） 图表 2：季度分部收入（百万美元） -50% 0% 50% 100% 150% 200% 250% 300% 0 4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 主营业务收入 YoY Growth 2,880 22,604 3,668 454 346 88 Gaming Compute Networking Professional Visualization Automotive OEM & IP - 2 - 本报告不可对加拿大、日本、美国地区及美国国籍人士发放 股息现价比 0.01% 0.01% 0.03% 0.03% 0.03% 资料来源: 公司资料, 第一上海预测 资料来源: 彭博 本季 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.0 HKD, representing a potential upside of 32.8% from the current price of 76.8 HKD [1][2]. Core Insights - The company reported a significant year-on-year increase in net profit attributable to shareholders of 62.6%, reaching 7.72 billion RMB in the first half of 2024, alongside a robust revenue growth of 13.8% to 33.74 billion RMB [1]. - The gross margin improved by 0.8 percentage points to 64.1%, driven by the performance of the Anta main brand and Fila [1]. - The company announced a share repurchase plan of 10 billion RMB over the next 18 months to enhance market confidence [1]. Financial Performance Summary - **Revenue**: The company achieved a revenue of 33.74 billion RMB in H1 2024, up 13.8% year-on-year [1]. - **Net Profit**: The net profit attributable to shareholders increased by 62.6% to 7.72 billion RMB, with core net profit rising 17.0% to 6.16 billion RMB [1]. - **Gross Margin**: The gross margin rose to 64.1%, reflecting a 0.8 percentage point increase [1]. - **Operating Profit**: Operating profit grew by 13.6% to 8.66 billion RMB, maintaining an operating margin of 25.7% [1]. - **Free Cash Flow**: The company generated free cash flow of 7.62 billion RMB [1]. - **Net Cash Position**: The net cash position increased significantly to 32.39 billion RMB [1]. Brand Performance - **Anta Main Brand**: Revenue for the Anta main brand grew by 13.5% to 16.1 billion RMB, benefiting from strong e-commerce growth and product effectiveness [1]. - **FILA Brand**: Revenue for the FILA brand increased by 6.8% to 13.01 billion RMB, with growth driven primarily by bulk sales [1]. - **Other Brands**: Other brands saw a revenue increase of 41.8% to 4.6 billion RMB, with DESCENTE and KOLON leading the growth [1]. Future Outlook - The company expects double-digit growth for the Anta brand in 2024, while the FILA brand's growth forecast has been adjusted to high single digits [1]. - The operating profit margins for the Anta and FILA brands are projected to be around 20% and 25%, respectively [1].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics, with a target price of HKD 44, indicating a potential upside of 53.3% from the current price of HKD 28.7 [2]. Core Insights - BYD Electronics has shown stable growth in consumer electronics and automotive electronics, with promising prospects in new businesses such as servers [2]. - The company reported a net profit of RMB 1.518 billion for the first half of 2024, with total revenue reaching RMB 78.58 billion, a year-on-year increase of 39.9% [2]. - The acquisition of Jabil's Chengdu and Wuxi factories has positively impacted the consumer electronics segment, which generated RMB 63.3 billion in revenue, up 54.22% year-on-year [2]. - The automotive business continues to expand, with revenue of RMB 7.757 billion, reflecting a growth of 26.48% [2]. - The report anticipates revenue growth of 31%, 9.7%, and 10.6% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 13%, 31.7%, and 18% during the same period [2]. Financial Summary - Total revenue for the fiscal year ending December 31, 2022, was RMB 107.19 billion, with a projected increase to RMB 206.85 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.4% [4]. - Net profit for 2022 was RMB 1.86 billion, expected to rise to RMB 7.10 billion by 2026, indicating a significant growth trajectory [4]. - The report highlights a decrease in gross margin to 6.85% due to changes in product mix and increased financial costs from acquisitions [2]. - The company’s earnings per share (EPS) is projected to grow from RMB 0.82 in 2022 to RMB 3.15 by 2026 [4]. - The dividend payout ratio is expected to stabilize around 30% from 2024 onwards, with dividends per share increasing from RMB 0.165 in 2022 to RMB 0.945 by 2026 [4].

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 30 for the company [2]. Core Views - The company is expected to maintain a good order growth in the second half of the year, with annual performance projected to approach the peak levels seen in 2021. The company is well-positioned to benefit from the ongoing restructuring of global supply chains, particularly as domestic manufacturing capacity shifts overseas [2]. Financial Performance Summary - The company reported a revenue of RMB 8.02 billion for the first half of the year, representing a year-on-year increase of 25.7%. The gross margin slightly increased by 0.3 percentage points to 32.3%. Operating profit reached RMB 1.75 billion, up 28.5%, while net profit attributable to shareholders was RMB 1.52 billion, a 23.5% increase. Basic earnings per share stood at RMB 0.95, with a solid financial position reflected in net cash of RMB 10.65 billion [1]. Sales and Market Trends - Sales trends across all models are improving, with significant growth in demand from downstream consumer goods, certain home appliances, and the 3C industry. The main Mars series saw sales of 24,115 units and revenue of RMB 5.17 billion, marking year-on-year increases of 45.5% and 34%, respectively. The Jupiter series achieved sales of 840 units and revenue of RMB 1.46 billion, with year-on-year growth of 14.9% and 6.5%. The Chang Fei Ya series also rebounded with sales of 1,955 units and revenue of RMB 1.02 billion, reflecting year-on-year growth of 34.5% and 25.7% [1]. Domestic and International Market Outlook - Domestic revenue grew by 33.7% to RMB 5.18 billion, driven by a recovery in demand from the consumer goods sector. International revenue increased by 13.2% to RMB 2.84 billion, with strong demand from emerging markets such as Vietnam, Brazil, and Mexico. The company anticipates improved overseas revenue recognition in the second half of the year as shipping schedules stabilize [1]. Future Revenue and Profit Projections - The revenue forecasts for 2024, 2025, and 2026 are adjusted to RMB 15.9 billion, RMB 18.99 billion, and RMB 22.3 billion, respectively. Net profit projections for the same years are RMB 3 billion, RMB 3.53 billion, and RMB 4.1 billion, respectively. The report maintains a target price of HKD 30, corresponding to forecasted price-to-earnings ratios of 14, 12, and 10 for 2024 to 2026 [2].