Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.77 HKD per share [4][10][14]. Core Views - The company reported better-than-expected performance for the first half of 2024, with revenue reaching 4.191 billion RMB, a year-on-year increase of 28%, surpassing the consensus estimate of 3.713 billion RMB by 13% [2][6]. - Adjusted net profit for the same period was 702 million RMB, up 16% year-on-year, also exceeding the consensus estimate of 655 million RMB by 7% [2][6]. - The company is focusing on high-quality paid content distribution, leading to a decline in free content supply on Tencent channels, which has affected user numbers and revenue [2][6][10]. Summary by Sections Business Performance - In H1 2024, the company's online business revenue was 1.940 billion RMB, down 2% year-on-year, with self-operated and Tencent channel revenue at 1.825 billion RMB, down 3% [6][9]. - The total monthly active users (MAU) decreased by 17% to 17.6 million, with self-operated MAU stable at 10.5 million and Tencent MAU down 33.5% [6][9]. - The company’s IP operations generated 1.153 billion RMB in revenue, a 62% increase year-on-year, driven by IP licensing and sales [7][10]. Revenue and Profit Forecast - The company expects total revenue to reach 7.768 billion RMB in 2024 and 8.002 billion RMB in 2025, representing year-on-year growth of 10.8% and 3% respectively [10][11]. - Adjusted net profit is projected to be 1.410 billion RMB in 2024 and 1.686 billion RMB in 2025, with growth rates of 24.8% and 19.6% [10][11]. - The report anticipates a gross margin of 52% in 2024 and 53% in 2025, with adjusted net profit margins of 18% and 21% respectively [10][11]. Valuation - The report uses a sum-of-the-parts (SOTP) valuation method, estimating the core business's value at 19.34 HKD per share and the value of New Classics Media at 13.43 HKD per share, leading to a total valuation of 32.77 HKD per share [10][14][15].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.94 CNY per share, based on a 12x PE ratio for 2024 [4]. Core Views - The company reported a revenue of 5.598 billion CNY for H1 2024, representing a year-on-year increase of 19.77%. The net profit attributable to shareholders was 298 million CNY, up 6.44% year-on-year, while the net profit excluding non-recurring items was 292 million CNY, an increase of 9.82% [1]. - In Q2 2024, the company achieved a revenue of 2.471 billion CNY, a year-on-year growth of 7.35%, with a net profit of 170 million CNY, up 8.65% year-on-year [1]. Business Segments Summary Printing and Dyeing Business - For H1 2024, the printing and dyeing segment generated revenue of 1.935 billion CNY, a year-on-year increase of 5.88%, with a total profit of 239 million CNY, up 5.59%. The sales profit margin was 12.37%, a slight decrease of 0.03 percentage points year-on-year [2]. - Despite challenges such as weak domestic demand and intense competition, the printing and dyeing business maintained stable growth [2]. Gold Jewelry Business - The gold jewelry segment reported revenue of 3.424 billion CNY for H1 2024, a significant year-on-year increase of 33.58%, with a total profit of 94 million CNY, up 49.26%. The sales volume of gold jewelry reached 32.96 tons, an increase of 30.39% year-on-year [2]. - The growth in the gold business was primarily driven by the acquisition of Shenzhen Shangjinyuan, which contributed 826 million CNY in revenue and 35 million CNY in profit for H1 2024 [2]. Financial Forecast - The company forecasts EPS of 0.74 CNY, 0.85 CNY, and 0.93 CNY for the years 2024, 2025, and 2026, respectively [3]. - Revenue is expected to grow from 11.834 billion CNY in 2024 to 14.366 billion CNY in 2026, with growth rates of 22.4%, 12.1%, and 8.3% for the respective years [3]. - The report indicates a stable EBITDA and net profit growth, with net profit projected to reach 783 million CNY in 2024, 890 million CNY in 2025, and 979 million CNY in 2026 [3].

[Table_Contacts] [Table_Page] 公司深度研究|专业工程 | --- | --- | --- | |----------------------------------|----------------------------|---------------------| | [Table_Title] 华电重工（ ） | [ 公司评级 Table_Invest] | 证券研究报告 \n买入 | | 601226.SH | 当前价格 | 4.80 元 | | "风火光氢"多面手，乘势电改迎新篇 | 合理价值 | 5.63 元 | | [Table_Summary] | 报告日期 | 2024-08-13 | | 核心观点： | | | 基本数据 [Table_BaseInfo] ⚫ 中国华电旗下工程技术板块重要组成部分，聚焦电力及相关行业、提 供工程系统整体解决方案。公司实控人为国务院国资委，控股股东为 华电科工，于 2014 年在上交所上市。 ⚫ 物料输送工程：重机立足，服务多元。以核心高端物料输送和装卸装备 研发制造为支撑，服务煤炭、港口、火电、矿业四大领域。2023 年签 署楚 ...

Industry Investment Rating - The report maintains a **Buy** rating for the industry, consistent with the previous rating [1] Core Views - **Power Generation Business**: Profitability is decoupled from fuel cycles, with supply and demand determining profit margins. Natural gas power generation has rapidly replaced coal, accounting for 43% of total power generation by 2022, while renewable energy (wind and solar) has grown to 14% [1] - **Ancillary Services**: High penetration of renewable energy has increased the demand for ancillary services, leading to a doubling of backup and frequency regulation revenues. For example, in the CAISO market, backup and frequency regulation revenues have stabilized at around 0.1 cents per kWh [1] - **China Market Implications**: The reform of the power sector is expected to create a nearly **400 billion RMB** market for ancillary services by 2030, with a focus on regions with high renewable energy penetration and large-capacity power units [1] Detailed Summary by Sections Power Generation Business - **US Power Market Reform**: The US power market has shifted from economic efficiency to reliability, with the establishment of 10 major regional power markets, including PJM and CAISO. Natural gas has become the dominant power source, replacing coal, while renewable energy has steadily grown [1][10][11] - **PJM Market Experience**: In the PJM market, power generation profits are split into energy and capacity components. Energy profits are influenced by fuel price cycles, while capacity profits are influenced by supply-demand dynamics. The profit margin for power generation is estimated to be between 2-4% [1][12][13] - **Calpine Case Study**: Calpine, a major independent power producer, saw stable EBITDA margins of around 22% from 2009-2015, demonstrating that market-based trading can stabilize profitability despite fuel price fluctuations [1][18][19] Ancillary Services - **Increased Demand for Ancillary Services**: High renewable energy penetration has driven the need for backup and frequency regulation services. In the CAISO market, backup and frequency regulation revenues doubled after renewable energy penetration exceeded 15% [1][20][22] - **Factors Favoring Deep Peak Shaving**: Three key factors contribute to the profitability of deep peak shaving: widening peak-valley price differences, declining fuel prices, and increased peak pricing periods. For example, the peak-valley price difference in CAISO increased from 102% to 250% between 2016 and 2023 [1][20][23] - **PJM Market Ancillary Services**: In the PJM market, thermal power accounts for over 70% of synchronous backup services, while thermal power and energy storage each account for about 50% of frequency regulation revenues [1][22][24] China Market Implications - **Ancillary Services Market Potential**: The reform of China's power sector is expected to create a **388 billion RMB** ancillary services market by 2030, with thermal power as the main provider. Regions with high renewable energy penetration, such as Qinghai and Gansu, are expected to benefit significantly [1][20][30] - **Focus on Renewable Energy Integration**: Provinces with high renewable energy penetration and large-capacity power units are likely to see higher compensation standards for ancillary services. For example, Jiangsu and Zhejiang are under pressure to ensure renewable energy integration and power supply reliability [1][20][30] Investment Recommendations - **Thermal Power Companies**: Companies like **Huadian International**, **Zhejiang Energy**, and **China Resources Power** are recommended due to their high ROE, high dividends, and low valuations [1][20] - **Renewable Energy Leaders**: Companies like **Three Gorges Energy** and **Longyuan Power** are expected to accelerate their development with the implementation of ancillary services [1][20]

[Table_Title] 中交设计（600720.SH） 设计咨询国家队，科技出海并购三轮驱动成长 [Table_Summary] 核心观点： ⚫ "两路"精神发源地，设计咨询国家队。公司实控人为国务院国资委， 23M11，完成重大资产重组，置入公规院、一公院、二公院、西南院、 东北院和能源院。公司盈利能力稳步提升，2020-2023 年，归母净利率 /毛利率分别由 10.5%/22.1%增至 13.1%/27.1%。 ⚫ 承接交通、住建两部院基因，聚焦"大交通、大城市"战略。大交通： 公司跨海通道、高寒高海拔公路等领域设计能力突出；积极布局检测/ 监测业务， 2023 年参与桥隧国检及多省省检项目。2023 年公规院/一 公院/二公院扣非净利分别为 5.5/4.5/5.4 亿元，合计占公司总扣非净利 87%；大城市：给排水工程、生态环境、城市能源等业务行业领先。 2023 年西南院/东北院/能源院扣非净利同比+30.5%/+1.8%/+56%。 ⚫ 科技、出海、并购三轮驱动，业务高成长可期。科技：①数字化：开发 OSIS、纬地 CAD 等设计软件和数字化平台，助力提质增效。②车路 云：公司参与雄安、天津等 ...

[Table_Page] 投资策略周报|机械设备 证券研究报告 [Table_Title] 机械设备行业 关注政策天平走向，内需资产积蓄力量 | --- | --- | |------------------------|------------| | [Table_Grade] 行业评级 | 买入 | | 前次评级 | 买入 | | 报告日期 | 2024-08-13 | [Table_Summary] 核心观点： ⚫ 2024 年 7 月份工业生产者出厂价格降幅与上月相同。根据国家统计 局，2024 年 7 月份，全国工业生产者出厂价格同比下降 0.8%，环比 下降 0.2%，降幅均与上月相同；工业生产者购进价格同比、环比均下 降 0.1%。1—7 月平均，工业生产者出厂价格比上年同期下降 2.0%， 工业生产者购进价格下降 2.2%。 ⚫ 市场表现分析：上周（8 月 5 日-8 月 9 日）机械行业指数（中信）下 跌 2.79%，沪深 300 指数下跌 1.56%，创业板指下跌 1.60%。 ⚫ 机械动态变化：根据工程机械行业协会数据，2024 年 7 月销售各类挖 掘机 13690 台，同比增长 8. ...

专业、专心、专为您 港与海外市场晨讯 2024年08月13日 资讯服务类投资顾问团队 联系人：古欣怡 电话：020-66995384 香港市场 | --- | --- | --- | |---------------|----------|------------------| | | 收市价 | 涨跌 | | 恒生指数 | 17111.65 | 21.42 (0.13%) | | 中企指数 | 3537.68 | -16.88 (-0.47%) | | 国企指数 | 6029.66 | 11.81 (0.20%) | | AH 股溢价指数 | 146.86 | -0.79 (-0.54%) | | | 海外市场 | | | 道琼斯 | 39357.01 | -140.53 (-0.36%) | | 纳斯达克 | 16780.61 | 35.31 (0.21%) | | 标准普尔 | 5344.39 | 0.23 (0.00%) | | 伦敦富时 | 8210.25 | 42.15 (0.52%) | | 法兰克福 DAX | 17726.47 | 3.59 (0.02%) | | 巴黎 CAC | 7250 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.94 CNY per share, corresponding to a PE ratio of 33 times for 2024 [3][4]. Core Views - The company reported a revenue of 254 million CNY for the first half of 2024, representing a year-on-year increase of 51.73%. The net profit attributable to the parent company was 21 million CNY, up 71.70% year-on-year, while the net profit excluding non-recurring items reached 27 million CNY, marking a 138.31% increase [1]. - In the second quarter of 2024, the company achieved a revenue of 127 million CNY, a year-on-year growth of 29.02%. However, the net profit attributable to the parent company decreased by 36.95% year-on-year to 10 million CNY, and the net profit excluding non-recurring items saw a slight decline of 2.09% year-on-year to 15 million CNY [1]. - The company’s gross margin for the first half of 2024 was 29.4%, an increase of 4.2 percentage points year-on-year, while the gross margin for the second quarter was 30.6%, a decrease of 3.1 percentage points year-on-year [1]. - The total number of visitors to Changbai Mountain from January to July 2024 reached 1.664 million, a year-on-year increase of 28.5%. However, visitor numbers in July saw a decline of 8.8% year-on-year due to weather-related closures of the main scenic area [1]. - The company is enhancing its core tourism transportation business and expanding its market presence by acquiring a local bus company and participating in ride-hailing operations, which is expected to improve regional transportation ecology [1]. Financial Summary - The company is projected to achieve net profits of 210 million CNY, 249 million CNY, and 283 million CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 52.4%, 18.4%, and 13.6% [1][2]. - The revenue forecast for the company is 803 million CNY, 908 million CNY, and 1.014 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 29.4%, 13.0%, and 11.8% [2][7].

专业、专心、专为您 。恩爱· 6 港股策略 2024年08月13日 资讯服务类投资顾问团队 联系人：古欣怡 电话：020-66995384 | --- | --- | --- | |---------------|-------------------|-------------------| | | 香港市场 \n收市价 | 涨跌 | | 恒生指数 | 17111.65 | 21.42（0.13%） | | 中企指数 | 3537.68 | -16.88（-0.47%） | | 国企指数 | 6029.66 | 11.81（0.20%） | | AH 股溢价指数 | 146.86 | -0.79（-0.54%） | | | 海外市场 | | | 道琼斯 | 39357.01 | -140.53（-0.36%） | | 纳斯达克 | 16780.61 | 35.31（0.21%） | | 标准普尔 | 5344.39 | 0.23（0.00%） | | 伦敦富时 | 8210.25 | 42.15（0.52%） | | 法兰克福 DAX | 17726.47 | 3.59（0.02%） | | 巴黎 CAC ...

[Table_Title] 轨交设备跟踪报告（七） 1-7 月铁路投资同比再超 10%，暑运客流创新高 [Table_Summary] 核心观点： ⚫ 1-7 铁路累计投资增速 10.5%，增量以装备采购+大修技改为主。根据 中国铁路公众号，1-7 月铁路固定资产投资完成额达到 4102 亿元，同 比增长 10.5%；7 月单月完成铁路投资 729 亿元，同比增长 9.8%。投 资持续保持在较快水平。根据国铁集团官网，国铁集团今年年初召开的 工作会议计划今年投产新线的里程目标为 1000 公里以上，我们认为今 年的投资增量将集中体现在装备采购+大修+技改部分。 ⚫ 暑运客流创历史最高水平，进一步驱动下半年招标增长。根据中国经 营报，1-7 月全国铁路客运量 25.19 亿人次，同比增长 15.55%；今年 暑运前半程客流已创下历史新高，7 月 1 日-8 月 6 日全国铁路客运量 5.13 亿人次，同比增长 5.4%，完成国铁预计全暑运期间客流量目标的 60%。投资向上+客运超预期有望进一步加大下半年装备采购招标力 度。 ⚫ 下半年动车+机车二次招标有望启动，存在超预期的可能性。根据中国 经营报，7 月全国铁 ...