证券研究报告 证券研究报告 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 友邦保险(01299) 股价相对走势 -40% -20% 0% 20% 2023/8 2023/12 2024/4 2024/8 友邦保险 恒生指数 友邦保险发布 2024 年半年报。2024H1 公司实现 NBV 24.55 亿美元，同比增长 25%； 实现税后营运利润 33.86 亿美元，同比增长 7%。公司宣布派发中期股息 0.445 港 元/股，同比增长 5.2%。 ➢ NBV 延续高增，主因量价齐升 2024H1 公司实现 NBV 24.55 亿美元，同比+25%（Q1/Q2 分别为+27%/+15%，实际汇 率口径）。公司 NBV 延续高增，主要系：1）新单保费同比实现较好增长。2024H1 公司实现新单保费 45.46 亿美元，同比+17%。2)新业务价值率同比提升。2024H1 公司的新业务价值率为 53.9%，同比+3.3PCT。分渠道来看，对于代理人渠道，2024H1 公司代理人渠道的 NBV 同比+19%，主要得益于活跃代理人数增加及代理人产能提 升。2024H1 公司的活跃代理人数、代理人产能同比分 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 13.601 billion yuan for the first half of 2024, representing a year-on-year growth of 21.78%. The net profit attributable to shareholders was 3.432 billion yuan, up 48.67%, while the net profit excluding non-recurring items was 3.490 billion yuan, reflecting a growth of 55.58% [10] - The rapid growth of innovative drugs and licensing income has become a new performance driver for the company. As of June 2024, the company had 14 self-developed innovative drugs and 2 introduced innovative drugs on the market. Revenue from innovative drugs reached 6.612 billion yuan, a year-on-year increase of 33% [10] - The company has a rich pipeline of innovative drugs under development, with 14 NDA applications and 12 clinical trials in Phase III as of the end of 2023. The company expects to receive approvals for major products in the second half of the year, including a JAK1 inhibitor and an IL-17A antibody [10] - The company is projected to achieve revenues of 27.105 billion yuan, 30.971 billion yuan, and 35.072 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 18.78%, 14.26%, and 13.24% [10] Financial Summary - For the year 2024, the company is expected to have a net profit of 5.528 billion yuan, with a year-on-year growth of 28.48%. The EPS is projected to be 0.87 yuan per share [10] - The company's EBITDA is forecasted to be 6.793 billion yuan in 2024, with a growth rate of 37.37% [12] - The company’s asset-liability ratio is 10.37%, indicating a strong financial position [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - In the first half of 2024, the company achieved operating revenue of 706 million yuan, a year-on-year decrease of 6.33%. The net profit attributable to the parent company was 169 million yuan, down 29.78% year-on-year. In Q2 2024, the company reported revenue of 425 million yuan, a year-on-year increase of 9.83%, with a net profit of 111 million yuan, down 16.14% year-on-year. The improvement in Q2 performance is attributed to the gradual reduction of inventory destocking effects from overseas customers of home respiratory machines, narrowing the decline in core business, and orderly progress in new business expansion [2][6]. Summary by Sections Financial Performance - In H1 2024, the core business of home respiratory machine components generated revenue of 448 million yuan, a year-on-year decline of 11.89%, which is an improvement compared to the decline of 18.12% in 2023. The revenue and profit in Q2 showed significant quarter-on-quarter improvement, with gross margin and net margin at 42.85% and 26.16%, respectively, both up from Q1 [6][7]. Revenue Growth Drivers - The company reported revenue of 78.9 million yuan from home and consumer electronics components, a year-on-year increase of 36.60%. Revenue from artificial cochlear implant components was 64.64 million yuan, up 12.08% year-on-year. Other medical product components generated revenue of 49.04 million yuan, a 14.92% increase year-on-year. The company is actively enhancing R&D investment and expanding into new fields such as cardiovascular intervention, electrophysiology, in vitro diagnostics, blood glucose management, and surgery [6][7]. Future Projections - The company forecasts operating revenues of 1.658 billion yuan, 2.055 billion yuan, and 2.526 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.98%, 23.90%, and 22.92%. The net profit attributable to the parent company is projected to be 403 million yuan, 501 million yuan, and 636 million yuan for the same years, with growth rates of 28.70%, 24.26%, and 26.88%, respectively. The EPS is expected to be 0.99 yuan, 1.23 yuan, and 1.56 yuan, with a three-year CAGR of 26.60% [6][7].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6]. Core Views - The company has demonstrated stable performance under high base conditions, with a rich pipeline of products under research and development [10]. - For the first half of 2024, the company reported revenue of 1.657 billion yuan, a year-on-year increase of 13.5%, and a net profit attributable to shareholders of 1.121 billion yuan, up 16.3% year-on-year [10]. - The company is recognized as a leader in injectable medical aesthetics, with significant product synergy and competitive advantages reflected in its product matrix [10]. Summary by Sections Financial Performance - In H1 2024, the revenue from solution-type injection products was 976.28 million yuan, an increase of 11.65% year-on-year, while gel-type injection products generated 648.97 million yuan, up 14.57% year-on-year [10]. - The company expects revenues for 2024-2026 to be 3.407 billion, 4.407 billion, and 5.614 billion yuan, respectively, with corresponding growth rates of 18.7%, 29.4%, and 27.4% [10][11]. Product Pipeline - As of H1 2024, the company's product pipeline includes: 1. Registration phase: Bonida (for chin retrusion), botulinum toxin (for glabellar lines), minoxidil topical solution 2. Clinical trial phase: Second-generation facial implant lines, lidocaine-dinocaine cream (Phase III), liraglutide injection (Phase I completed) 3. Preclinical research: Hyaluronidase, deoxycholic acid injection, semaglutide injection [10][11]. Market Strategy - The company has effectively utilized a differentiated product positioning and marketing strategy to expand its market space, enhancing brand influence through academic promotion and training [10]. - Various initiatives, such as the "Focus on Growth 2024 Decision-Makers Forum" and "Style Aesthetics," have been launched to elevate the company's brand impact [10].

证券研究报告 非金融公司|公司点评|致欧科技（301376） 营销投放加大+海运费上涨，利润阶段 性承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 我们预计公司 2024-2026 年收入分别为 76.74/93.70/112.58 亿元，对应增速分别为 26.34%/22.10%/20.14% ； 归母 净 利润 分别 为 4.32/5.84/7.58 亿 元， 对应 增速 分别 为 4.65%/35.24%/29.77%；EPS 分别为 1.08/1.46/1.89 元/股，以 8 月 21 日收盘价计，对应 2024- 2026 年 PE 分别为 17x、13x、10x。考虑到虽然面临海运费高企等不利因素，公司持续加大供 应链和营销的投入力度，市占率有望不断提升，维持"增持"评级。 |分析师及联系人 SAC：S0590522060001 邓文慧 郭家玮 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月22日 致欧科技(301376) 营销投放加大+海运费上涨，利润阶段性承压 | ...

证券研究报告 非金融公司|公司点评|金徽酒（603919） 2024 年半年报点评： 淡季挺价增速放缓，基地市场表现稳健 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 考虑到消费弱复苏，我们预计公司 2024-2026 年营业收入分别为 30.14/33.78/37.67 亿元， 同比增速分别为 18.32%/12.07%/11.53%，归母净利润分别为 4.07/4.71/5.43 亿元，同比增速 分别为 23.62%/15.78%/15.28%，对应三年 CAGR 为 18.16%，对应 2024-2026 年 PE 估值分别为 21/18/16X。鉴于公司基地市场表现稳健，结构升级趋势延续，维持"买入"评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月22日 金徽酒(603919) 2024 年半年报点评： 淡季挺价 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [7]. Core Insights - The company has a solid leading position in the consumer battery sector, with expectations of benefiting from the recovery of traditional markets and the AI wave. The increase in self-supply rate of battery cells is anticipated to enhance profits. The power business is seeing a continuous influx of new orders, with market share steadily increasing, and the gradual rise in utilization rates is expected to dilute costs, leading the company towards profitability [10][11][13]. Company Development - The company has established a comprehensive layout in 3C consumer, power, and energy storage lithium-ion batteries. Founded in 1997 and listed in 2011, it has become a leading global player in lithium-ion batteries. The company began its foray into power batteries in 2008 and has since captured significant market opportunities [19][21]. Consumer Battery Sector - The consumer battery segment remains the core business, contributing over 55% of total revenue from 2018 to 2023. The self-supply rate of consumer battery cells has been increasing, which is expected to further enhance profit margins [31][28]. Power Battery Sector - The power battery business is maturing, with revenue and gross profit steadily increasing. In 2023, the power battery segment accounted for 23% of total revenue, reaching 10.8 billion yuan [31][28]. Energy Storage Sector - The energy storage business has started to gain traction since 2022, contributing to the company's revenue and gross profit, with a 2.3% share of total revenue in 2023 [31]. Industry Overview - The consumer battery market is experiencing a recovery, driven by the resurgence of global smartphone sales and the AI wave, which is expected to accelerate the replacement cycle of consumer electronics. The demand for power and energy storage batteries is also robust, with significant growth anticipated in the coming years [10][34]. Market Trends - Global smartphone shipments are projected to recover, with an expected increase in demand for PCs and tablets in 2024, marking the beginning of a new replacement cycle [34][39].

证券研究报告 港股公司|公司点评|华润啤酒（00291） 2024 年半年报点评： 高端化延续推进，啤白双赋能成效初显 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 考虑到消费弱复苏，我们预计公司 2024-2026 年营业收入分别为 396.40/411.35/426.33 亿 元，同比增速分别为 1.82%/3.77%/3.64%，归母净利润分别为 53.79/56.65/59.61 亿元，同比 增速分别为 4.39%/5.30%/5.23%，对应三年 CAGR 为 4.97%，对应 2024-2026 年 PE14/13/13X。 考虑到公司高端化延续推进，啤白双赋能成效初显，维持"买入"评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月22日 华润啤酒(00291) 2024 年半年报点评： 高端化延续推进，啤白双赋 ...

Investment Rating - The report maintains a "Stronger than the Market" rating for the industry [4] Core Views - Huawei's Car BU is expected to split soon, with three main business models: component mode, HI mode, and ZhiXuan mode The ZhiXuan mode currently contributes the majority of revenue, with future growth expected from the HI mode due to its potential in brand, channel quantity, and price range [2] - The HI mode is seen as a foundational model, with the ZhiXuan mode offering deeper involvement in vehicle definition and design, and the component mode providing standardized parts [5] - Huawei's Car BU has turned profitable, with intelligent driving and cockpit solutions contributing 97 6% of the total revenue in 2023 [6] - The HI mode is expected to coexist with the ZhiXuan mode, with the HI mode having significant growth potential as it serves as a smart base for various automakers, similar to the Android system in smartphones [7] - The report recommends focusing on companies closely collaborating with Huawei's Car BU, such as Changan Automobile, Seres, and others, as the joint venture is expected to drive the development of the smart car industry [8] Business Models and Solutions Huawei Car BU Business Models - Huawei's Car BU operates through three business models: HI mode, ZhiXuan mode, and component mode, each varying in the depth of collaboration with automakers [5] - The HI mode allows automakers to flexibly choose Huawei's solutions, while the ZhiXuan mode involves deeper collaboration, including vehicle definition, design, and sales [14] - The component mode provides standardized parts, such as laser radar and AR-HUD, to automakers [38] Huawei's Five Major Solutions - Huawei's smart car solutions include five major areas: Qiankun Intelligent Driving, Harmony Cockpit, Qiankun Vehicle Control, Qiankun Vehicle Light, and Qiankun Vehicle Cloud These solutions cover intelligent driving, cockpit systems, and other key areas, forming the core of Huawei's smart car offerings [12] - Qiankun Intelligent Driving is the core solution, with ADS 3 0 achieving significant advancements in safety and driving experience, including a 96% success rate in complex intersections [16] - Harmony Cockpit redefines the smart cockpit experience with HarmonyOS 4 0, offering improved performance and personalized services [22] - Qiankun Vehicle Light focuses on smart lighting solutions, including AR-HUD and light field screens, enhancing driving safety and experience [23] - Qiankun Vehicle Control supports comfortable driving with features like the TMS thermal management system and XMOTION body control system [24] - Qiankun Vehicle Cloud provides lifecycle services, including VHR cloud services and OTA updates, with over 13 million vehicles connected globally [27] Market Performance and Tracking Revenue Growth - Huawei's Car BU revenue grew by 128% YoY in 2023, reaching 4 7 billion RMB, with intelligent driving and cockpit solutions contributing 97 6% of the total revenue [6] - In H1 2024, Huawei's Car BU revenue reached 10 billion RMB, a tenfold increase compared to the same period in 2023, with Qiankun Intelligent Driving contributing 62 1% of the revenue [40][41] HI Mode Tracking - The HI mode focuses on Qiankun Intelligent Driving, with key metrics including sales volume, penetration rate, and hardware/software configuration changes [6] - In H1 2024, HI mode vehicle sales reached 21,000 units, a 152% YoY increase, driven by the Avatr 12 model [48][49] - The HI mode covers a price range from 189,900 RMB to 600,000 RMB, targeting both mass-market and high-end consumers [50] ZhiXuan Mode Tracking - The ZhiXuan mode requires close attention to vehicle price, sales volume, penetration rate, production capacity, and channel development [56] - In H1 2024, ZhiXuan mode revenue reached 8 96 billion RMB, with a per-vehicle revenue of 51,500 RMB, driven by the popularity of the AITO M9 and M7 models [44][46] - The ZhiXuan mode covers a price range from 249,800 RMB to 569,800 RMB, targeting mid-to-high-end and luxury segments [58] Component Mode Tracking - The component mode focuses on the shipment volume and market share of standardized parts, such as laser radar and AR-HUD [38] - In 2023, Huawei shipped over 3 million sets of smart components, serving multiple automakers including Changan, BYD, and SAIC [38]

证券研究报告 港股公司|公司点评|固生堂（02273） 业绩快速增长，门店扩张加速 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年公司实现营业收入 13.65 亿元，同比增长 38.4%；净 利润 1.07 亿元，同比增长 15.1%；经调整净利润 1.48 亿元，同比增长 45.3%。公司门诊人次、 回头率和次均消费均实现增长，其中门诊人次达 238.33 万人次，同比增长 31.9%；服务人数 达 77.07 万人，同比增长 26.4%；回头率从 2023 年上半年的 67.3%进一步提升至 69.5%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 2 港股公司|公司点评 glzqdatemark2 2024年08月22日 固生堂(02273) 业绩快速增长，门店扩张加速 | --- | --- | --- | |-------|------------|-------------------| | 行 | 业： | 医药生物/医疗服务 | ...