[Table_Title] 【广发商社&海外】唯品会（VIPS） 2Q24 点评：收入端持续承压，SVIP 会员群体壮大 [Table_Summary] 核心观点： ⚫ 唯品会公布 24Q2 业绩：根据公司财报，（1）公司 24Q2 实现净收入 269 亿元，同比下降 3.6%；non-GAAP 归母净利润为 22 亿元，同比 下降 8.3%。（2）公司 24Q2 毛利率为 23.6%，同比提升 1.4pps，主要 得益于成本控制和运营效率提升；non-GAAP 归母净利率为 8.1%，同 比下降 0.5pps。（3）24Q2 公司 GMV 为 506 亿元，同比持平。（4） 24Q2 活跃客户数为 4430 万，同比下降 2.8%。 ⚫ 24Q2 公司履约费用率为 8.1%，同比提升 0.3pps；营销费用率为 2.8%， 同比下降 0.4pps；管理费用率为 3.4%，同比下降 0.1pps。公司维持审 慎的获客策略，注重用户的质量。 ⚫ 24Q2 公司回购 2 亿美元股票，并新提出 10 亿美元价值的股票回购计 划，持续积极回报股东。公司指引 Q3 收入同比下降 5%-10%，消费大 盘景气导致公司收入 ...

[Table_Title] 富途控股（FUTU） 入金强劲驱动增长，全球化布局持续深化 [Table_Summary] 核心观点： ⚫ 交投活跃及入金强劲驱动业绩超预期增长。富途控股发布 2024 年中期 业绩，2024Q2 单季度营收 31.29 亿港元，同比+26%，环比+21%；单 季度净利润 12.09 亿港元，同比+8%，环比+17%。主要系客户资产增 长带动经纪佣金收入高增，24Q2 新增客户 15.5 万户，同比+167.8%， 环比-12%；客户资产同比+24.3%达到 5793 亿港元，主因马来西亚、 日本、新加坡及香港获客增长强劲；Q2 户均客户资产 28.4 万港元， 同比-4%，环比+3%；Q2 客户成交额同比+69%至 1.62 万亿港元，主 因其中美股成交同比+83%。 ⚫ 公司持续深化全球化布局并持续优化产品品类。公司 Q2 经纪佣金收 入 13.76 亿港元，同比+44%，佣金率环比略有回升。据公司披露，日 本计划上线 NISA 账户、共同基金等，马来西亚三季度计划上线马股 IPO 打新、货币基金产品，香港新加坡的加密货币渗透率仍有增长空 间。公司 Q2 末融资融券余额 438 ...

Investment Rating - The report maintains a "Buy" rating for JD Health, with a target price of HKD 35.34 per share, indicating a potential upside from the current price of HKD 21.40 [3]. Core Views - JD Health reported a strong performance in H1 2024, achieving revenue of RMB 28.344 billion, a year-on-year increase of 4.6%. The pharmaceutical and health product sales segment generated RMB 23.910 billion, up 3.2%, while platform, advertising, and other services saw revenue of RMB 4.434 billion, growing by 12.5% [2][3]. - The company’s net profit attributable to shareholders reached RMB 2.037 billion, reflecting a significant year-on-year growth of 30.5%. The Non-IFRS net profit was RMB 2.644 billion, up 8.5%, with a Non-IFRS net profit margin improvement of 0.3 percentage points to 9.3% [2]. - JD Health is actively attracting third-party merchants, which has positively impacted its 3P business and advertising revenue. The number of platform merchants has increased to 80,000, and the JD Medicine delivery service now covers over 490 cities [2][3]. Financial Summary - Revenue projections for 2024 and 2025 are estimated at RMB 57.380 billion and RMB 62.651 billion, respectively, with expected year-on-year growth rates of 7.2% and 9.2% [5]. - The company’s EBITDA is forecasted to grow significantly, reaching RMB 2.245 billion in 2024 and RMB 2.977 billion in 2025 [5]. - The net profit attributable to shareholders is projected to be RMB 2.783 billion in 2024 and RMB 3.609 billion in 2025, with growth rates of 29.9% and 29.7% respectively [5].

[Table_Title] 【广发医药&海外】科伦博泰生物-B （06990.HK） SKB264 加速推进，在研管线进展顺利 [Table_Summary] 核心观点：*如无特别说明，报告使用货币均为人民币。 ⚫ 公司发布 2024 年中期业绩公告：2024 上半年实现收入 13.83 亿元 （yoy +32.2%），主要来自许可及合作协议相关收入以及提供研发服务 收入；期内利润 3.10 亿元，同比扭亏为盈；调整后期内利润 3.86 亿 元，同比+1068%；在手现金及金融资产 28.85 亿元，同比增长 15.9%。 ⚫ SKB264 有望年内于国内获批，默沙东已开展 10 项全球 III 期。根据 公司 2024 年中期业绩公告，国内：①末线治疗 TNBC 上市申请被 CDE 受理并纳入优先审评审批；一线治疗 TNBC 已启动国内 III 期；②二线 治疗 HR+/HER2-BC 国内 III 期正在入组；③单药治疗经 EGFR TKI 和 含铂化疗失败的 EGFR 突变 NSCLC 的 NDA 已获 CDE 受理并纳入优 先审评审批；④联合 K 药对比 K 药一线治疗 PD-L1 阳性 NSCLC ...

Investment Rating - The report assigns a "Buy" rating to Gushengtang (02273 HK) with a target price of HKD 48 11 per share based on a 25X PE multiple for its 2024 NonGaap net profit [2][4] Core Views - Gushengtang achieved rapid growth in H1 2024 with revenue of RMB 1 365 billion (+38 4% YoY) and adjusted net profit of RMB 148 million (+45 3% YoY) demonstrating strong operational capabilities and the vast potential of the TCM chain clinic model [2] - The company is expanding rapidly through both self-built and M&A strategies adding 4 new self-built clinics and acquiring dozens of offline medical institutions including Kunshan Laien and Beijing Asian Games Village TCM Hospital It has also entered new cities like Changsha and Xuzhou and expanded internationally with the acquisition of Singapore-based Baozhongtang [2] - Gushengtang announced its first interim dividend of HKD 0 13 per share to be distributed on September 25 2024 and repurchased approximately 860 000 shares for HKD 33 77 million in June 2024 to boost investor confidence [2] Financial Performance and Projections - Revenue is projected to grow from RMB 2 323 billion in 2023 to RMB 5 594 billion in 2026 with a CAGR of 32 7% [3][8] - NonGaap net profit is expected to increase from RMB 305 million in 2023 to RMB 763 million in 2026 with a CAGR of 32 4% [3][8] - The company's gross margin is forecasted to remain stable at around 30 6%-31 4% from 2024 to 2026 [9] Expansion and Strategy - Gushengtang's offline TCM clinics now cover 19 cities domestically and internationally with 72 branches as of June 2024 [2] - The company is accelerating its city-level penetration and new city expansion while also pursuing international growth through acquisitions [2] Valuation and Metrics - The report values Gushengtang at a 25X PE multiple for its 2024 NonGaap net profit resulting in a target price of HKD 48 11 per share [2] - Key valuation metrics include a projected NonGaap PE of 18 7X for 2024 and an EV/EBITDA of 11 5X for the same year [3][9]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Telecom, with a target price of 7.34 CNY per share for A-shares and 4.98 HKD per share for H-shares [2][6]. Core Views - China Telecom reported a revenue of 266 billion CNY for the first half of 2024, representing a year-over-year increase of 2.8%. Service revenue reached 246.2 billion CNY, up 4.3% YoY, while net profit attributable to shareholders was 21.8 billion CNY, reflecting an 8.2% YoY growth. The company maintained a dividend payout ratio of 70% [1][6]. - The mobile communication service revenue grew against the trend, with a revenue of 105.2 billion CNY, up 3.6% YoY. The value-added services and applications segment saw a significant increase of 17.1% YoY, generating 18.1 billion CNY. The penetration rate of 5G users increased by 14.3 percentage points YoY, and the average revenue per user (ARPU) for mobile users rose to 46.3 CNY [1][6]. - The company is focusing on upgrading its digital information infrastructure, with capital expenditures amounting to 47.2 billion CNY in the first half of 2024, which is 49.2% of the annual guidance. Investments in industrial digitalization reached 16.1 billion CNY, accounting for 34% of total capital expenditures [1][6]. - The report forecasts net profits for the years 2024 to 2026 to be 33.0 billion CNY, 35.5 billion CNY, and 38.1 billion CNY, respectively, with corresponding earnings per share (EPS) of 0.36 CNY, 0.39 CNY, and 0.42 CNY [1][6]. Summary by Sections Financial Performance - Revenue for H1 2024: 266 billion CNY (YoY +2.8%) - Service Revenue: 246.2 billion CNY (YoY +4.3%) - Net Profit: 21.8 billion CNY (YoY +8.2%) - Capital Expenditure: 47.2 billion CNY (YoY +13.5%) [1][6]. Business Segments - Mobile Communication Revenue: 105.2 billion CNY (YoY +3.6%) - Value-added Services Revenue: 18.1 billion CNY (YoY +17.1%) - Fixed-line Smart Home Revenue: 64 billion CNY (YoY +3.2%) - Cloud Services Revenue: 55.2 billion CNY (YoY +20.4%) [1][6]. Investment Outlook - Expected Net Profit: 33.0 billion CNY in 2024, 35.5 billion CNY in 2025, 38.1 billion CNY in 2026 - Target Price: 7.34 CNY for A-shares, 4.98 HKD for H-shares - Maintained "Buy" rating for both A and H shares [2][6].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a significant year-on-year increase in net profit, with a return on equity (ROE) rising to 13%. In the first half of 2024, the company reported revenue of 85.8 billion yuan (down 3% year-on-year) and a net profit attributable to shareholders of 6.7 billion yuan (up 124% year-on-year), largely due to a one-time investment gain of 4.6 billion yuan from the sale of assets [1][2][11]. - The company continues to invest heavily in clean energy, with 1.8 GW of new green power capacity added in the first half of 2024, bringing total installed capacity to 107 GW. The company plans to distribute a cash dividend of 1.6 billion yuan, representing 24% of net profit, with an annualized dividend yield of 3.3% based on the latest closing price [1][2][11]. - The report forecasts net profits of 10.33 billion yuan, 8.77 billion yuan, and 10.14 billion yuan for 2024 to 2026, with corresponding price-to-earnings (P/E) ratios of 9.45, 11.12, and 9.62 [2][3]. Summary by Sections Performance Overview - In the first half of 2024, the company achieved a revenue of 85.8 billion yuan, with a net profit of 6.7 billion yuan, marking a 127% increase year-on-year. The weighted ROE increased to 12.9% [1][11][24]. - The operating cash flow improved significantly, reaching 21.9 billion yuan, a 55% increase year-on-year, primarily due to lower fuel prices [11][19]. Business Segments - The company added 1.77 GW of new renewable energy capacity, with total installed capacity reaching 107.13 GW, including 72.57 GW from thermal power and 14.95 GW from hydropower [24][25]. - Thermal power revenue was 72.97 billion yuan, down 2.9% year-on-year, while renewable energy revenue grew by 13.3% to 5.96 billion yuan [25][30]. Future Outlook - The company is expected to see continued growth in water and green energy segments, with new projects set to contribute to profit growth. The report anticipates net profits of 10.33 billion yuan in 2024, supported by ongoing investments in clean energy [2][24]. - The company plans to increase its renewable energy capacity significantly during the 14th Five-Year Plan, aiming for a total of 35 GW of new wind and solar installations [2][24].

盈利预测： [Table_Page] 中报点评|专业工程 证券研究报告 [Table_Title] 北方国际（000065.SZ） Q2 现金流改善，焦煤贸易毛利率显著修复 [Table_Summary] 核心观点： ⚫ 公司发布 2024 半年报。根据财报，24H1，公司实现营收 104 亿元， 同比保持不变，实现归母净利润 5.4 亿元，同比+7%。其中 24Q2 单季 度实现营收 54 亿元，同比-4%；归母净利润 2.8 亿元，同比-11%。业 绩符合预期。 ⚫ 财务费用率提升，现金流改善。24H1，公司期间费用率（不含研发） 为 3.42%，其中销售/管理/财务费用率分别为 2.30%/1.86%/-0.73%， 同比-0.04/+0.36/+1.15pct，财务费用率提升主要系 2024 年美元兑人 民币汇率波动较上年同期减小，汇兑收益较上年降低。24H1，公司经 营性现金流净流出 3.84 亿元，同比少流出 0.65 亿元。 ⚫ 货物贸易毛利率改善，矿服业务开展顺利。分业务看，①货物贸易： 24H1 营收 54 亿元/同比-6%，毛利率 9.8%/同比+6.1pct；蒙古矿山一 体化项目累计采矿 ...

稳步增长 [Table_Contacts] [Table_Page] 中报点评|医药生物 证券研究报告 [Table_Title] 国药股份（600511.SH） 业绩符合预期，麻精药领域保持领先优势 [Table_Summary] 核心观点： ⚫ 公司发布 2024 年中报。2024 年上半年公司实现收入 247.57 亿元 （+2.55%，以下均为同比口径）、归母净利润 10.01 亿元（+1.62%）、 扣非归母净利润 10.03 亿元（+5.46%），其中 2024Q2 公司实现收入 126.34 亿元（-2.16%），归母净利润 5.41 亿元（-5.11%）、扣非归母净 利润 5.45 亿元（+1.22%），业绩符合预期。 ⚫ 深耕主业，麻精药领域保持领先优势。分业务来看：（1）麻精药品，积 极推进"大麻药"战略，业务覆盖 31 个省政级区域，持续巩固在麻精 特药领域的渠道优势和龙头地位。参股公司宜昌人福 24 年上半年实现 收入 45.02 亿元（+12%）、净利润 14.25 亿元（+18%），对公司扣非 归母净利润贡献超 28%；（2）医药直销，保持北京市场领先地位，通 过紧盯增量、服务转型 ...

[Table_Contacts] [Table_Title] 创世纪（300083.SZ） 受益消费电子复苏，同步开拓海外市场 [Table_Summary] 核心观点： ⚫ 8 月 19 日晚间，创世纪发布 2024 年半年度报告，2024 年上半年，公 司实现营业收入 20.61 亿元，同比增长 0.31%；归母净利润 1.58 亿 元，同比下降 23%。分季度看，公司第二季度营业收入 12.05 亿元， 同比增长 30.39%，环比增长 40.71%；归属于上市公司股东的净利润 9,921.57 万元，同比增长 18.24%，环比增长 68.13%。 ⚫ 消费电子行业周期复苏，公司拳头产品钻攻机有望迎来高速增长。根 据公司半年报，3C 领域一直是公司的优势领域，拳头产品钻攻机可用 于手机、平板、PC、Watch 等 3C 产品相关金属及非金属结构件的精 密加工，在技术水平、产销规模、服务能力等方面可与国际领先企业(日 本 FANUC、日本兄弟公司)竞争。受益消费电子行业的持续复苏，2024 年上半年，公司拳头产品钻攻机出货量同比增长超 180%。 ⚫ 积极开拓海外市场，打开成长空间。根据公司半年报，公司 ...