Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.18 CNY per share, compared to the current price of 13.39 CNY per share [4]. Core Insights - The company reported a revenue of 18.446 billion CNY for the first half of 2024, representing a year-on-year increase of 17.54%. The net profit attributable to shareholders was 333 million CNY, up 37.08% year-on-year, while the net profit excluding non-recurring items was 198 million CNY, an increase of 51.03% year-on-year [2]. - Cost control measures are being effectively implemented, with the second quarter's performance meeting expectations. The express delivery business generated revenue of 16.635 billion CNY, a year-on-year increase of 21.13%, with a core business volume of 6.0336 million tons, up 7.67% year-on-year [2]. - The ongoing business integration with JD Logistics is expected to enhance operational synergies, with the company's revenue growth outpacing the industry average despite a general slowdown in the logistics sector [2]. Financial Summary - For the first half of 2024, the company achieved a revenue of 18.446 billion CNY, with a net profit of 333 million CNY and a net profit excluding non-recurring items of 198 million CNY [2]. - The company’s revenue for the second quarter of 2024 was 9.151 billion CNY, reflecting a year-on-year growth of 10.58%, with a net profit of 240 million CNY, up 41.07% year-on-year [2]. - The company’s operating expenses ratio decreased by 1.34 percentage points to 6.11%, indicating improved management efficiency [2]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.01 CNY, 1.32 CNY, and 1.47 CNY respectively. The report suggests a price-to-earnings (P/E) ratio of 15 times for 2024, leading to a target price of 15.18 CNY per share [2][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 64.36 CNY per share [1] Core Viewpoints - The company has demonstrated resilience and growth through strategic acquisitions, product development, and market expansion, particularly in Europe and the US [1][2] - The company's core competitiveness lies in its management's forward-looking strategies, cost control capabilities, and strong product development through acquisitions [1] - The company is well-positioned to capitalize on the growing demand for electric and high-reach boom lifts in both European and US markets [2][4] Company Overview Historical Development - The company has undergone three major phases of development: domestic and international expansion (2006-2015), strategic acquisitions (2016-2017), and tariff-related challenges (2018-2021) [1] - The company has successfully transitioned from a focus on scissor lifts to boom lifts, with significant growth in the European market since 2022 [1] Core Competitiveness - The company's management has a strong focus on R&D and cost control, with 90% modular design and low labor costs contributing to high gross margins [1] - Strategic acquisitions of Magni, CMEC, and Teupen have provided the company with advanced technology, overseas channels, and brand recognition [1][17] Current Market Position - The company has achieved significant growth in the European market, with boom lift sales increasing rapidly in 2022-2023 [1][29] - The company's market share in Europe is estimated to be between 6%-9%, with further room for growth [13] Future Prospects - The company is poised to expand its presence in the US market, leveraging its partnership with CMEC and the growing demand for electric boom lifts [2][13] - The US market represents the largest opportunity for the company, with a market size of approximately 650 billion CNY and a strong demand for boom lifts [2][13] Financial Performance Revenue and Profit Forecast - The company's revenue is expected to grow from 5.445 billion CNY in 2023 to 10.422 billion CNY in 2026, with a CAGR of 17.7% [4] - Net profit is forecasted to increase from 1.867 billion CNY in 2023 to 3.203 billion CNY in 2026, with a CAGR of 24.3% [4] Valuation - The company is valued at 15x PE for 2024, with a target price of 64.36 CNY per share [2] Market Analysis European Market - The European market for aerial work platforms is mature, with a focus on boom lifts, which account for 43% of the rental market [48] - The company's market share in Europe is relatively low, with significant potential for growth, particularly in the electric boom lift segment [65][66] US Market - The US market is the largest and most mature market for aerial work platforms, with a strong demand for boom lifts, which account for 39% of the market [74] - The company is well-positioned to capitalize on the growing demand for electric boom lifts in the US, with a focus on expanding its presence through CMEC [2][13] Product Development - The company has a strong focus on electric and high-reach boom lifts, with 73.4% of its boom lift sales being electric in 2023 [41][66] - The company's D-series boom lifts, launched in 2023, are fully self-developed and represent a significant step forward in its product offerings [17] Strategic Acquisitions - The company's acquisitions of Magni, CMEC, and Teupen have provided it with advanced technology, overseas channels, and brand recognition [1][17] - The company has retained full ownership of patents and intellectual property from these acquisitions, strengthening its competitive position [38] Cost Control and Manufacturing - The company has a strong focus on cost control, with 90% modular design and low labor costs contributing to high gross margins [1] - The company's manufacturing strategy involves modular production in China, with components shipped in containers to reduce costs [42][44]

[TAblE_TitlE] 农林牧渔行业 本周猪价继续上行，行业享受高景气 [TAblE_SummAry] 核心观点： 畜禽养殖：据搜猪网，8月16日，全国瘦肉型生猪出栏均价21.51元/公 斤，环比上周上涨3.07%，同比上涨29.11%。前期产能去化效应显现， 本周猪价继续上行，自繁自养利润约682元/头。据饲料工业协会数据， 上半年猪饲料产量同比下滑7.3%，其中仔猪料同比下降13.5%。仔猪料 或侧面反映新生仔猪数量下滑较明显，按6个月生猪生长期推算，下半 年供给收缩有望延续。另一方面，仔猪以及后备母猪的价格涨幅显著落 后于商品肥猪，或侧面反映行业扩产相对谨慎，后续产能恢复速度或较 为缓慢，行业景气持续时间有望超出市场预期。当前板块估值再次回落 至相对低位，大型养殖企业重点推荐温氏股份、牧原股份，关注新希望， 中小养殖企业建议关注唐人神、天康生物、华统股份以及川渝生猪龙头 企业。白羽鸡方面，伴随消费旺季逐步到来，据Wind，本周商品代鸡苗 和毛鸡价格延续反弹，分别环比上涨0.9%、0.8%，圣农发展、益生股 份等将受益，同时建议持续关注海外禽类疫情发展情况。黄羽鸡方面， 当前种鸡存栏持续处于相对低位， ...

[Table_Page] 投资策略周报|非银金融 证券研究报告 [Table_Title] 非银金融行业 央行重视长端利率风险，利率回升期利好保险资产端 [Table_Summary] 核心观点： ⚫ 证券：监管发声透露严监管"四大动向"，科创板打新优化准入规则。 据 wind，本周沪深两市成交额日均 0.52 万亿元（环比下跌 22.84%）， 沪深两融余额 14203.60 亿元（环比下跌 0.31%）。8 月 16 日，证监 会发布了 2024 年上半年证监会行政执法情况综述。今年上半年合计 罚没款金额 85 亿余元，超过去年全年总和，无论对于上市公司、中介 机构，还是游资等相关个体的监管变得更加全面与严格。未来，预计 证监会将继续坚持"长牙带刺"的原则，保持一贯的严格监管态势，突出 从严导向、规范公正、合力共治和惩防并举。通过加强行政执法力度， 确保资本市场的高质量发展，进一步提升投资者的获得感和投资安全 感。同日，上交所发布《上海市场首次公开发行股票网下发行实施细 则》的通知。本次修订主要对投资者参与科创板网下发行业务，增加 了持有科创板市值的要求。旨在通过强化网下投资者的持股要求，推 动权责利匹配 ...

[Table_Title] 轨交设备跟踪报告（八） 第二批高级修招标放量，五级修再超预期 [Table_Summary] 核心观点： ⚫ 国铁发布年内第二批高级修招标公告，五级修累计招标 509 组。8 月 16 日，国铁采购平台发布第二批动车组高级修招标项目公告，其中五 级修 302 组，四级修 146.625 组，三级修 24 组，二次招标数量大超预 期。叠加 1 月份的首次招标，2024 年累计招标五级修 509 组，四级修 268 组，三级修 56 组。 ⚫ 高级修正式进入放量阶段，上行趋势有望延续。根据国铁采购平台，23 年五级修公开竞争性谈判采购 108 组，实际完成数量或高于该数字， 从公开招标量来看，今年五级修动车组数量同比显著大增。此前市场担 忧明后年动车组招标的持续性，但一方面，动车组高级修利润率较优， 集中放量将带来快速的利润增长，且今年部分订单有望延续至下一年； 另一方面，根据 wind，2013-2015 年的动车组采购量处于高峰期，明 后年高级修放量趋势预计仍将有望延续，轨交板块的后市场时代已经 到来。 ⚫ 重视高级修超预期带来的盈利释放，中期具备持续性+确定性。根据铁 道知识局公 ...

[Table_Page] 深度分析|汽车 证券研究报告 [Table_Title] 汽车行业 如何看待重卡行业出口市场空间 [Table_Summary] 核心观点： 中国重卡出口近年显著增长，背后是 TCO（全生命周期总成本）的国 际竞争力。据海关总署，21 年以前中国重卡出口稳定在 8 万辆左右； 21 年重卡出口同比增长 79.6%至 14.1 万辆，迎来拐点；22 年、23 年 中国重卡出口保持较高增速，分别实现 19.1 万辆、31.9 万辆，同比增 速分别为 35.4%、66.7%；24 年上半年中国重卡出口 16.9 万辆，同比 增长 8.4%。欧美日韩生产的重卡新车与中国生产的重卡新车购入成本 差异过大，而欧美日韩生产的二手重卡在可使用里程数远低于中国生 产的重卡新车的情况下，售价不低于甚至略高于中国生产的重卡新车。 中国生产的重卡 TCO（全生命周期总成本）无论相比欧美日韩生产的 新车还是二手车均具有明显优势。 海外市场空间广阔，考虑到重卡产品的生产经营工具属性决定了用户 的认知具有滚雪球效应，我们预计重卡出口增长趋势长期可持续。中 国重卡出口的目标市场主要为亚非拉地区和俄罗斯。（1）亚非拉 ...

【广发非银&海外】中银航空租赁 （02588.HK） 负债端延续高企，待降息释放利润弹性 [Table_Summary] 核心观点： ⚫ 公司公布 2024 年半年度业绩：上半年经营收入及其他收入总额 11.74 亿美元，同比增长 11%，净利润 4.60 亿美元，较 2023 年上半年的 2.62 亿美元增长 76%。剔除减值影响后，核心净利润同比增长 10%。 ⚫ 资产端：融资租赁扩表+飞机销售贡献收入弹性。（1）交付受供应紧缺 影响表现较弱，24H1 交付 18 架新飞机（23H1 为 16 架），自有飞机 利用率为 99%。18 架飞机中有 6 架记为经营租赁资产、有 12 架记为 融资租赁资产。（2）经营租赁：经营租赁收入 yoy-1.3%，占经营收入 总额近 80%。租金收入下降主因飞机销售数量大于经营租赁引入的飞 机数量，24H1 出售 15 架飞机（去年同期 3 架），经营租赁飞机资产余 额 187.49 亿美元，较 23 年底下滑 2%。24H1 经营租赁费率为 9.8%， 与 2023 年上半年一致，公司出售飞机平均机龄为 10 年，13-14 年飞 机租金收益率较高，上述资产出售可能结构 ...

Investment Rating - The report rates BYD and related core industry chain companies as "Buy" [4]. Core Insights - Electric intelligent technology innovation empowers Chinese electric vehicle leaders to seize opportunities in the fourth round of global automotive industry globalization. The report highlights the historical evolution of the automotive industry and identifies the current opportunity for Chinese companies to leverage their technological advantages and vertical integration capabilities to expand globally [2][8]. - The report emphasizes the importance of market penetration potential, entry difficulty, and product advantages in assessing the adaptability of Chinese electric vehicle companies in overseas markets. It identifies the first-tier markets as the UK, India, Egypt, Australia, and Thailand, while the second-tier includes Saudi Arabia, Germany, France, Vietnam, and the Netherlands [2][20]. Summary by Sections 1. Seizing the Fourth Round of Global Automotive Industry Globalization - Electric intelligent technology innovation is restarting the globalization window for the automotive industry. Historical analysis shows that macroeconomic fluctuations, production technology changes, and consumer preferences have driven the restructuring of the global automotive landscape through four rounds [8]. - The fourth round (2020-2030) is characterized by electrification and intelligent technology, with Chinese companies leading the global electric vehicle market [8]. 2. Chinese Electric Vehicle Leaders Going Global - The report discusses the expansion of sales networks and production capacity in emerging markets, highlighting BYD's strategic focus on regions like Southeast Asia and South America. It notes that BYD aims to establish local production capacity of approximately 400,000 vehicles by 2025 [2][12]. - The report also mentions the competitive advantage of BYD's DM 5.0 technology in terms of fuel economy, which positions it favorably against European competitors as stricter emissions standards come into effect [2][12]. 3. Investment Recommendations - The report suggests focusing on global electric vehicle leader BYD and related core industry chain companies such as Hunan YN, Tianci Materials, and Xingyuan Materials for investment opportunities [2].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [18] Core Views - Tencent's Q2 2024 revenue reached 161.1 billion RMB, showing a year-over-year (YoY) increase of 8% and a quarter-over-quarter (QoQ) increase of 1%, slightly below Bloomberg's consensus estimate of 161.35 billion RMB [16][26] - Non-GAAP net profit for Q2 2024 was 57.3 billion RMB, reflecting a YoY increase of 53% and a QoQ increase of 14%, exceeding the consensus estimate by 18% [16][26] - The gaming segment showed recovery with Q2 2024 revenue of 48.5 billion RMB, up 9% YoY and 1% QoQ, surpassing the consensus estimate of 47.3 billion RMB [16][30] - Advertising revenue reached 29.9 billion RMB in Q2 2024, a YoY increase of 19% and QoQ increase of 13%, driven by growth in video and long-form content [16][32] Financial Summary - Main revenue growth rates are projected as follows: -1.0% in 2022, 9.8% in 2023, 8.2% in 2024, 8.5% in 2025, and 7.4% in 2026 [3][17] - Non-GAAP net profit is expected to grow from 1,149 million RMB in 2022 to 2,166 million RMB in 2024, reflecting a growth rate of 39.7% [3][17] - Non-GAAP EPS is projected to increase from 12.00 RMB in 2022 to 23.24 RMB in 2024 [3][17] Business Segment Performance - Gaming revenue is expected to reach 196.5 billion RMB in 2024, with a growth rate of 9% [16][57] - Social network revenue is projected to be 121.9 billion RMB in 2024, reflecting a growth of 3% [16][57] - Financial and enterprise services revenue is anticipated to grow to 212.4 billion RMB in 2024, with a growth rate of 4% [16][46] Valuation - The estimated fair value of Tencent's stock is 453.34 HKD per share, based on a sum-of-the-parts (SOTP) valuation [16][49] - The report suggests that Tencent's core business value is approximately 3.83 trillion HKD, with an additional 396.1 billion HKD from investment business [16][49]

Investment Rating - The report maintains a "Buy" rating for Kingdee International (00268 HK) with a target price of HKD 11 88 per share [4][17] Core Views - Kingdee International reported H1 2024 revenue of RMB 2 87 billion, up 11 9% YoY, with a net loss attributable to shareholders of RMB -220 million, improving from RMB -280 million in H1 2023 [2][6] - Cloud transformation continues to progress, with cloud business revenue growing 17 2% YoY to RMB 2 39 billion, accounting for 83 2% of total revenue ARR reached RMB 3 15 billion, up 24 2% YoY [2][7] - Key cloud products maintained high renewal rates: 97% for Cangqiong/Xinghan, 95% for Xingkong, and 92% for Xingchen, reflecting strong competitiveness in cloud services [2][9] - R&D and sales expense ratios declined by 0 9pct and 1 9pct YoY, respectively, indicating the cloud transformation is entering a harvest phase [2] Financial Performance - Traditional software revenue declined 8 8% YoY to RMB 480 million, while cloud revenue grew 17 2% YoY to RMB 2 39 billion [7] - Gross margin improved to 63 2% in H1 2024, up from 61 9% in H1 2023 [7] - Operating cash flow was RMB -166 million, slightly better than RMB -169 million in H1 2023 [7] - Contract liabilities related to cloud subscriptions reached RMB 2 71 billion, up 28 2% YoY [7] Cloud Business Breakdown - Cangqiong/Xinghan (PaaS/SaaS for large enterprises) revenue grew 38 9% YoY to RMB 550 million, with ARR up 29% YoY and a renewal rate of 97% [12][13] - Xingkong (mid-market SaaS) revenue increased 14 3% YoY to RMB 1 05 billion, with a renewal rate of 95% and 42,000 cumulative customers [14] - Xingchen (SME cloud) revenue surged 70 8% YoY, with a renewal rate of 92% [16] Market Expansion - Kingdee secured major clients in H1 2024, including China National Petroleum Corporation, China Aviation Group, and Dongfeng Motor [12] - The company expanded its global presence, signing 121 new overseas customers in regions like Southeast Asia and Europe [14] Valuation and Forecast - The report forecasts 2024-2026 revenue of RMB 6 51 billion, RMB 7 54 billion, and RMB 8 88 billion, respectively, with YoY growth rates of 14 6%, 15 9%, and 17 8% [17] - Based on a 6x PS multiple for 2024, the target price is set at HKD 11 88 per share [17] Competitive Positioning - Kingdee is positioned as a leading domestic cloud ERP provider, with strong market share growth, particularly in the large enterprise segment [17] - The company's financial quality is better than peers, with receivables accounting for only 2 6% of total assets in H1 2024, compared to 10 4% for Yonyou Network [17]