Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - In H1 2024, the company achieved revenue of 1.99 billion yuan, a year-on-year increase of 28.85%, and a net profit attributable to the parent company of 154 million yuan, up 52.66% year-on-year [2][6] - In Q2 2024, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 23.29%, and a net profit of 91 million yuan, up 27.38% year-on-year [2][6] - The domestic market shows resilience, while the Americas market continues to experience high growth [6] - The company is expected to maintain strong revenue growth with projected revenues of 4.34 billion, 4.94 billion, and 5.58 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 21.13%, 13.91%, and 12.99% [6][7] Summary by Sections Financial Performance - In H1 2024, revenue was 1.99 billion yuan, with a net profit of 154 million yuan [2][6] - Q2 2024 revenue was 1.04 billion yuan, with a net profit of 91 million yuan [2][6] - Revenue by region: China 832 million yuan (up 4.22%), Americas 729 million yuan (up 65.42%), Europe 295 million yuan (up 13.78%) [6] Product Performance - Revenue by product in H1 2024: Soft capsules 889 million yuan (up 26.80%), tablets 142 million yuan (down 17.50%), powders 142 million yuan (up 13.29%), gummies 486 million yuan (up 60.55%), beverages 140 million yuan (down 14.36%), hard capsules 98 million yuan (up 70.16%) [6] Profitability and Cost Structure - Q2 2024 gross margin increased by 2.41 percentage points to 33.35% [6] - The company’s net profit margin increased by 0.65 percentage points to 7.90% in Q2 2024 [6] Earnings Forecast - Projected revenues for 2024-2026 are 4.34 billion, 4.94 billion, and 5.58 billion yuan, with net profits of 403 million, 502 million, and 587 million yuan respectively [6][7] - Earnings per share (EPS) are expected to be 1.71, 2.13, and 2.49 yuan for 2024, 2025, and 2026 respectively [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue and net profit for the second quarter of 2024, with revenue reaching 249 million yuan, a year-on-year growth of 40%, and net profit of 112 million yuan, a year-on-year increase of 28%. The company plans to distribute an interim dividend of 1.18 billion yuan, accounting for 86.7% of the half-year net profit [2][6] - The company is focusing on upgrading its sales team management to target high-net-worth clients and has developed new courses to meet the urgent needs of entrepreneurs. The company has also collaborated with notable figures to enhance its product offerings [6][7] - The company expects revenue growth of 29%, 23%, and 24% for the years 2024, 2025, and 2026, respectively, with net profit growth of 28%, 26%, and 24% for the same periods. The company anticipates a positive impact from its large client strategy and expects to achieve both volume and price increases [8] Summary by Sections Financial Performance - For the second quarter, the company achieved a revenue of 249 million yuan and a net profit of 112 million yuan, with respective year-on-year growth rates of 40% and 28% [6] - The company’s total market capitalization is approximately 4.15 billion yuan, with a current price of 35.15 yuan per share [4] - The company’s gross margin remained stable, while the interest income contribution decreased, leading to a net profit margin pressure [7] Strategic Initiatives - The company is implementing a "big client strategy" to select clients with stronger growth potential and budgets, enhancing its sales team training and management processes [6][7] - New courses have been developed in response to the urgent needs of entrepreneurs, with a notable collaboration with high-profile industry leaders [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 870 million, 1.07 billion, and 1.33 billion yuan, respectively, with corresponding growth rates of 29%, 23%, and 24% [8] - The company has raised prices for its principal products, indicating confidence in its growth strategy [8]

Investment Rating - The report maintains an "Outperform the Market" rating for the automotive industry [4]. Core Insights - In July, the automotive industry experienced a decline in sales, with passenger car sales reaching 1.994 million units, a year-on-year decrease of 5.1% and a month-on-month decrease of 10.0% [2][4]. - The government has introduced measures to boost consumption, including increased subsidies for vehicle trade-ins, which are expected to stimulate demand in the second half of the year [2][4]. - The penetration rate of new energy vehicles (NEVs) continues to rise, with July sales of NEVs at approximately 953,000 units, a year-on-year increase of 27.7% [4]. Summary by Sections Sales Performance - July passenger car sales were 1.994 million units, down 5.1% year-on-year and 10.0% month-on-month [2][4]. - Cumulative sales from January to July 2024 reached 13.974 million units, reflecting a year-on-year growth of 4.5% [4]. Policy Impact - On July 24, the government announced measures to support large-scale equipment updates and trade-ins, increasing subsidies for eligible vehicles [4]. - The number of subsidy applications surged, with 364,000 applications by July 25 and over 450,000 by August 2, indicating a strong upward trend [2][4]. New Energy Vehicles - July NEV sales were approximately 953,000 units, with a penetration rate of 47.8%, up 12.3 percentage points year-on-year [4]. - Cumulative NEV sales from January to July 2024 reached about 5.654 million units, a year-on-year increase of 30.8% [4]. Brand Performance - In July, sales of domestic brands reached 1.323 million units, a year-on-year increase of 10.1% and a market share of 66.4%, up 9.2 percentage points year-on-year [4]. - Cumulative sales for domestic brands in the first half of 2024 were 8.742 million units, reflecting a year-on-year growth of 21.6% [4]. Export Trends - In July, domestic passenger car exports were 399,000 units, a year-on-year increase of 22.4% [4]. - Cumulative exports from January to July 2024 reached 2.738 million units, a year-on-year increase of 30.1% [4]. Investment Recommendations - Recommended passenger car manufacturers include BYD, Geely, Changan, Great Wall, Li Auto, and Xpeng [4]. - Recommended commercial vehicle manufacturers include Weichai Power, China National Heavy Duty Truck Group, and Yutong Bus [4]. - Recommended auto parts suppliers include Xingyu, Deren Technology, Bertley, Huayang Group, New Spring, Top Group, Yinlun, and Lingyun [4].

Investment Rating - The report suggests a "Buy" rating for the company, indicating a favorable investment opportunity based on its growth potential and market conditions [25][29]. Core Insights - The company has shown strong revenue growth, achieving revenues of 1.07 billion, 1.39 billion, and 1.52 billion yuan from 2021 to 2023, with a CAGR of +19.2%. The net profit for the same period was 50 million, 60 million, and 80 million yuan, with a CAGR of +29.9% [2][11]. - The company operates in the environmentally friendly cable materials sector and has established itself as a leading manufacturer of high-performance polymer materials for cables, recognized as a national-level "specialized and innovative" enterprise [5][11]. - The company has a robust order backlog of approximately 12,948.5 tons as of March 2024, indicating strong demand for its products [7]. - The report highlights the company's commitment to continuous innovation, with 66 effective patents, including 7 invention patents, which support its competitive edge in the market [8][17]. Summary by Sections 1. Company Overview - The company specializes in the research, development, and manufacturing of environmentally friendly polymer materials for cables, providing a variety of specialized materials tailored to customer needs [5][11]. - It has established strong partnerships with major cable manufacturers in China, being a key supplier to 18 out of the top 20 competitive companies in the industry [11]. 2. Market Dynamics - The cable industry in China is projected to grow from 1.1 trillion yuan in 2020 to 1.6 trillion yuan by 2027, driven by the "dual carbon" strategy promoting low-carbon and clean energy systems [6][16]. - The demand for environmentally friendly cable materials is expected to increase significantly as the industry shifts towards sustainable practices [6][16]. 3. Financial Performance - The company reported a gross margin of 10.8% and a net margin of 5.1% in 2023, showing improvements from previous years [2][11]. - The report notes that the company's price-to-earnings ratio (PE) is 11.1, which is a 77% discount compared to the industry average, suggesting potential undervaluation [25][18]. 4. Investment Considerations - The report recommends participation in the upcoming IPO, citing low initial selling pressure due to limited circulating shares and favorable market sentiment following a period without new listings on the exchange [25][18]. - The company plans to expand its production capacity significantly, adding new production lines to meet growing market demand [13][7].

Group 1: Economic Indicators and Predictions - The Sahm Rule reaching a critical threshold raises recession concerns, but it is primarily a confirmation indicator rather than a predictor of recession[5][12]. - Historical data shows that when the Sahm Rule is triggered, the U.S. economy is often already in recession, with negative GDP growth, which is inconsistent with the current cycle[5][12][15]. - Since 1965, the Federal Reserve has had 11 tightening cycles, with only 3 exceptions where tightening did not lead to recession[8][26]. Group 2: Conditions for Avoiding Recession - The current economic cycle may avoid recession due to favorable demand-side conditions, including limited need for demand suppression to stabilize inflation expectations[6][8]. - Supply-side factors, such as high potential economic growth driven by manufacturing investment and immigration, also support the possibility of avoiding recession[7][8]. - The absence of external shocks is considered a necessary condition for achieving a soft landing[7][8]. Group 3: Historical Context and Comparisons - Historical patterns indicate that hard landings often occur during significant external shocks, such as the 2008 financial crisis and the COVID-19 pandemic[8][30]. - The average time from the peak of tightening to recession is relatively short, suggesting that prolonged periods without recession after peak tightening may indicate economic resilience[30][40]. - In the current cycle, the economy has not shown signs of recession even after 30 months of tightening, which may suggest a unique resilience in this economic environment[40][41].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8][16]. Core Insights - The company is positioned as an independent automotive service provider, utilizing an integrated online and offline model to deliver standardized, high-quality services. It leverages its scale advantages to maintain strong bargaining power with suppliers and offers a comprehensive automotive service platform connecting car owners, suppliers, and service outlets [11][21]. - The automotive service market in China is expected to grow significantly, with a projected increase from CNY 1,239.8 billion in 2022 to CNY 1,931.9 billion by 2027, reflecting a CAGR of 9.0%. The company is well-positioned to capture market share as the market shifts from traditional 4S stores to integrated automotive service models [11][12]. - The company has established competitive barriers from three dimensions: franchisees, car owners, and supply chain. It attracts franchisees with strong profitability and rapid traffic generation, addresses car owners' pain points through standardized and efficient service, and has achieved scale effects in its supply chain [11][13]. Summary by Sections Company Overview - The company focuses on the automotive aftermarket and has become a leading O2O automotive service provider in China. It connects over 4,500 automotive parts suppliers and operates through its "Tuhu Car Maintenance" app and various service outlets [21][23]. Industry Situation - The automotive service market is expanding due to increasing vehicle ownership and aging vehicles. The company is expected to benefit from the transition to O2O models, with its market share projected to reach 58.1% by 2027 [11][12]. Core Advantages - The company has a strong appeal to franchisees, with average monthly gross profits exceeding CNY 150,000 per store. It also provides standardized, efficient services to car owners and has expanded its product offerings significantly, becoming the largest retailer of tires and engine oil in China [11][12][13]. Financial Projections - Revenue is expected to grow from CNY 149.3 billion in 2024 to CNY 174.9 billion in 2026, with corresponding net profits increasing from CNY 7.4 billion to CNY 17.3 billion. The company anticipates significant growth in high-margin services as brand recognition and trust increase [16][36].

证券研究报告 港股公司|公司深度|途虎-W（09690） 领航 O2O 汽车服务，规模效应释放利润 弹性 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月11日 证券研究报告 |报告要点 公司定位独立汽车服务供应商，通过一体化线上线下的模式提供标准化、高质量的服务。上游 供应商方面，公司作为行业龙头，凭借规模优势拥有较强的议价能力，成本优势明显；下游需 求端方面，公司通过线上"途虎养车"APP 和线下自营途虎工场店、加盟途虎工场店以及合作 门店 3 种类型的服务门店，打造出一个连接了包括车主、供应商、服务门店等在内的综合汽 车服务平台。 |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 / 44 港股公司|公司深度 glzqdatemark2 2024年08月11日 途虎-W(09690) 领航 O2O 汽车服务，规模效应释放利润弹性 | --- | --- | |------------|--------------| | 行 业： | 商贸零售 | | 投资评级： | 买入（首次） | | 当前价格： | 15.58 港元 ...

证券研究报告 行业研究|行业点评研究|汽车（2128） 中汽协 7 月销量点评： 7 月销量环比下滑，政策加码助力内需 向上 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月11日 证券研究报告 |报告要点 8 月 9 日，中汽协发布 7 月汽车行业销量数据，7 月乘用车销量 199.4 万辆，同比下滑 5.1%， 环比下滑 10.0%。7 月 24 日，两部委发布《关于加力支持大规模设备更新和消费品以旧换新 的若干措施》，补贴金额实现提升，7 月 25 日补贴申请量达到 36.4 万份，而 8 月 2 日申请量 已超过 45 万份，单日新增超 1 万份，申请量呈现高速增长态势，同时已享受 1 万元补贴的消 费者也将按照 2 万元的标准补齐，新旧政策实现衔接，有望打消终端观望情绪，助力下半年 消费需求提升。 |分析师及联系人 高登 陈斯竹 唐嘉俊 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 glzqdatemark2 2024年08月11日 汽车 中汽协 7 月销量点评： 7 月销量环比 ...

证券研究报告 金融公司|公司点评|拉卡拉（300773） 毛利率稳步提升，盈利有望向好 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月10日 证券研究报告 |报告要点 拉卡拉发布 2024 年半年报。2024H1 公司实现营收 29.8 亿元，同比+0.45%，实现归母净利润 4.2 亿元，同比-17.98%，实现扣非后归母净利润 4.1 亿元，同比+45.86%。单季度看，2Q24 公 司实现营收 14.9 亿元，同比+2.71%，实现归母净利润 2.1 亿元，同比-16.73%，实现扣非后 归母净利润 1.8 亿元，同比+90.83%。 |分析师及联系人 刘雨辰 黄楷 SAC：S0590522100001 SAC：S0590522090001 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年08月10日 拉卡拉(300773) 毛利率稳步提升，盈利有望向好 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 非银金融/多 ...

Investment Rating - The report upgrades the investment rating for China Mobile (600941) to "Buy" [6][10]. Core Views - The company reported a steady growth in its half-year results for 2024, with operating revenue reaching 546.744 billion yuan, a year-on-year increase of 3.02%. The main business revenue was 463.589 billion yuan, up 2.50% year-on-year. The net profit attributable to shareholders was 80.201 billion yuan, growing by 5.29% year-on-year [6][10]. - The 5G user penetration rate has surpassed 50%, with mobile users exceeding 1 billion. The company continues to lead in the "dual-gigabit" network and is advancing the commercial deployment of 5G-A [6][10]. - The mobile cloud business is experiencing rapid growth, contributing to the overall increase in profitability and dividend payout rates [6][10]. Financial Summary - For the first half of 2024, the operating cash flow was 131.377 billion yuan, a decrease of 18.16% year-on-year [10]. - The company expects operating revenues for 2024-2026 to be 1,069.780 billion yuan, 1,131.238 billion yuan, and 1,190.076 billion yuan, with year-on-year growth rates of 5.99%, 5.74%, and 5.20% respectively. The net profit attributable to shareholders is projected to be 140.425 billion yuan, 149.840 billion yuan, and 159.038 billion yuan for the same period, with growth rates of 6.57%, 6.70%, and 6.14% respectively [10][24]. - The earnings per share (EPS) are expected to be 6.55 yuan, 6.99 yuan, and 7.41 yuan for 2024, 2025, and 2026 respectively [10][24]. Market Position and Strategy - The company has achieved a significant milestone with over 1 billion mobile customers, including 514 million 5G network customers, reflecting a net increase of 49 million in the first half of 2024 [10]. - The enterprise market revenue reached 112 billion yuan, growing by 7.3% year-on-year, with a customer base of 30.38 million, adding 2.01 million customers [10]. - The company maintains a leading position in the public bidding market with an 18.4% share, an increase of 4.1 percentage points from 2023 [10].