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本报告仅供 Choice 东方财富 使用，请勿传阅。 证券研究报告 中成药 投资评级 买入-A 维持评级 6 个月目标价 17.00 元 股价 (2024-08-23) 14.18 元 交易数据 总市值(百万元) 10,735.88 流通市值(百万元) 10,733.92 总股本(百万股) 757.11 流通股本(百万股) 756.98 12 个月价格区间 14.18/23.78 元 升幅% 1M 3M 12M 相对收益 -11.4 -28.6 0.1 绝对收益 -14.6 -37.3 -9.9 马帅 分析师 相关报告 发布五年战略发展规划，未 2024-03-22 来看点在于"存量整合"和 "增量拓展" 公司快报 2024 年 08 月 24 日 昆药集团(600422.SH) 业务结构持续优化，聚焦核心资产 事件： 2024 年 8 月 22 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 35.54 亿元，同比下滑 5.73%；实现归母净利润 2.29 亿元，同比增长 2.74%；实现扣非归母净利润 1.60 亿元，同比下滑 9.75%，经营活动现金流 1.35 亿元，同比增长 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 23 日 芒果超媒(300413.SZ) 公司快报 会员业务表现亮眼，关注短剧、出海等 新方向进展 事件： 公司发布 2024 年半年报：实现营业收入 69.60 亿元，同比增长 2.46%；归母净利润 10.65 亿元，同比减少 15.45%。 收入端企稳，净利润仍受税收优惠政策变化影响。 2024 年上半年，公司业绩有所下滑，主要系企业所得税优惠政策变 化带来的影响，公司实现营业利润 12.33 亿元，同比增长 2.15%。从 单季度来看，2024 年第二季度公司营业收入为 36.36 亿元，季度环 比增长 9.36%，归母净利润 5.93 亿元，季度环比增长 25.45%。受主 业毛利率下滑影响，2024 年上半年公司毛利率为 28.84%，同比下降 6.26pct。 998345889 会员业务为核心驱动，运营商业务承压。 分业务看，2024 年上半年，芒果 TV 互联网视频业务作为公司营收的 主要来源，实现营业收入 49.57 亿元，占总营收的 71.23%，毛利率 为36.11%；新媒体互动娱乐内容制作业务收入6.34亿 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 23 日 香港交易所(00388.HK) H1 业绩整体持平，交投转暖驱动 Q2 新高 ■事件：近日，公司披露 2024 年半年报，2024H1 实现收入及其他收益 106 亿 港元，同比+0.4%；归母净利润 61 亿港元，同比-3%；EPS 为 4.84 港元，同比 -3%。2024Q2 单季实现收入及其他收益 54 亿港元，同比+8%；归母净利润 32 亿港元，同比+9%；EPS 为 2.49 港元，同比+9%。 ■H1 收入整体持平，Q2 单季业绩创新高。1）从 2024H1 业绩来看：各业务分 部表现不一，合计主要业务收入同比基本持平，雇员、资讯技术费用增加带动 营运支出同比+7%，拖累归母净利润同比-3%。2）从 2024Q2 单季业绩来看：收 入及其他收益、净利润指标均创历年 Q2 新高，主要受益于①市场交投回暖 （2024Q2 联交所 ADT 同比+18%/环比+22%至 1216 亿港元，衍生品合约 ADV 同比 +19%，LME 收费交易金属合约 ADV 亦创 10 年季度新高值，同比+27%），交易及 结算费增 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 38.18 CNY, maintaining the rating [4][9]. Core Views - The company reported significant growth in the first half of 2024, with revenue reaching 5.424 billion CNY, a year-on-year increase of 44.13%, and a net profit of 1.141 billion CNY, up 131.59% [1]. - The demand for AI and network infrastructure has driven a recovery in the PCB industry, with the company's enterprise communication market board revenue increasing by approximately 75.49% to about 3.828 billion CNY [2]. - The company is focusing on enhancing its high-speed product technology and has initiated the technical certification process for next-generation server products based on the PCIe 6.0 standard [3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a net profit of 1.141 billion CNY, representing a 131.59% increase year-on-year, and a net profit excluding non-recurring items of 1.111 billion CNY, up 150.22% [1]. - The automotive board segment generated approximately 1.145 billion CNY in revenue, a slight increase of 3.94% year-on-year, despite rising raw material costs [3]. Business Segments - The enterprise communication market board's gross margin improved by 8.44 percentage points to 41.59%, with AI server and HPC-related PCB products accounting for about 31.48% of its revenue [2]. - The company's emerging automotive board products, including millimeter-wave radar and integrated HDI technology for autonomous driving systems, have seen a market share increase from approximately 25.96% to 33.69% [3]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 12.156 billion CNY, 15.803 billion CNY, and 18.964 billion CNY, respectively, with net profits expected to be 2.437 billion CNY, 3.520 billion CNY, and 4.461 billion CNY [9].

Investment Rating - The report maintains a Buy-A rating for Smoore International (06969 HK) with a 6-month target price of HKD 12 12 [4] Core Views - Smoore International's self-owned brand business showed strong growth in H1 2024 with revenue increasing by 71 94% YoY to RMB 1 116 billion while ODM revenue declined by 12 35% YoY to RMB 3 922 billion [2] - The company's gross margin improved to 38 0% in H1 2024 up 1 8 percentage points YoY driven by the higher proportion of high-margin self-owned brand business and cost reduction efforts [3] - Smoore International is expected to achieve revenue of RMB 12 357 billion in 2024 representing a YoY growth of 10 65% with adjusted net profit of RMB 1 694 billion a YoY increase of 0 95% [3] Business Performance - In H1 2024 Smoore's self-owned brand VAPORESSO continued to gain market share in the open-system product category with revenue from Europe and other markets surging 88 0% YoY to RMB 929 million and US revenue growing 20 6% YoY to RMB 187 million [2] - The company's enterprise-facing sales showed signs of recovery with US revenue declining 9 8% YoY to RMB 1 858 billion and European revenue down 16 0% YoY to RMB 1 976 billion However Q2 2024 saw a sequential recovery with US revenue up 6 1% QoQ and European closed-system pod revenue surging 93 2% QoQ [2] Financial Performance - Smoore's H1 2024 revenue decreased by 1 67% YoY to RMB 5 037 billion while net profit attributable to shareholders declined by 4 76% YoY to RMB 683 million [1] - The company's adjusted net profit margin in H1 2024 was 13 6% down 0 4 percentage points YoY due to increased sales and R&D expenses [3] Valuation and Forecast - The report forecasts Smoore's revenue to grow to RMB 14 024 billion in 2025 and RMB 15 702 billion in 2026 with adjusted net profit expected to reach RMB 1 891 billion and RMB 2 164 billion respectively [3] - Smoore's PE ratio is projected to be 31 6x 30 8x and 27 6x for 2024 2025 and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 2.04 CNY for the next six months [5]. Core Views - The company reported stable main business performance, with a focus on the progress of private placements [8]. - The company maintains a dual-driven business model of "medical + pharmaceutical," with the medical services segment showing steady growth and the pharmaceutical segment actively expanding [2][8]. - The overall gross margin has faced temporary pressure, but the operating net profit attributable to the parent company exceeded 100 million CNY [3]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.82 billion CNY, a year-on-year increase of 12.20%, and a net profit attributable to the parent company of 60 million CNY, up 5.27% year-on-year [1]. - The medical services segment generated revenue of 1.45 billion CNY, a 2.98% increase year-on-year, while the pharmaceutical segment saw revenue of 371 million CNY, a significant increase of 72.63% [2]. - The overall gross margin for the first half of 2024 was 29.06%, down 3.70 percentage points year-on-year, with the medical services gross margin at 24.76% and the pharmaceutical gross margin at 45.86% [3]. Strategic Initiatives - The company emphasizes discipline construction and improving medical quality, having added six provincial and municipal key specialties in the first half of 2024 [4]. - The company is actively expanding its existing hospital construction, with new projects underway to increase bed capacity significantly [8]. - The company is focusing on both internal growth and external acquisitions, with plans to inject profitable medical assets into the listed company [8]. Future Projections - Revenue projections for 2024 to 2026 are 4.01 billion CNY, 4.40 billion CNY, and 4.83 billion CNY, respectively, with net profits expected to be 122 million CNY, 224 million CNY, and 300 million CNY [9].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 32.4 CNY, indicating a potential upside from the current price of 27.08 CNY [6]. Core Insights - The company continues to experience high revenue growth, achieving 1.105 billion CNY in revenue for the first half of 2024, a year-on-year increase of 52.97%. The net profit attributable to shareholders reached 63.59 million CNY, up 80.05% year-on-year [2][3]. - The company is actively expanding its presence in various civilian sectors, including low-altitude economy, commercial aerospace, water conservancy, and meteorology, which has contributed to its revenue growth [3]. - The introduction of multiple new products and the "4+2" satellite constellation plan are aimed at enhancing data capabilities and addressing core infrastructure needs in the low-altitude economy [4][5]. Revenue and Profitability - The company reported a revenue of 1.105 billion CNY for H1 2024, reflecting a growth rate of 52.89% compared to the previous year. However, the non-recurring net profit decreased by 57.51% due to a shift in revenue structure and significant bad debt losses [3]. - The revenue projections for 2024-2026 are estimated at 3.63 billion CNY, 5.05 billion CNY, and 6.79 billion CNY, respectively, with net profits expected to be 440 million CNY, 620 million CNY, and 830 million CNY [9]. Product Development and Market Positioning - The company launched several new products at the 2024 Aerospace Information Conference, including advanced satellite control platforms and a cloud developer platform, which enhance its capabilities in satellite data and remote sensing applications [4]. - The company is strategically positioning itself in the low-altitude economy by developing a low-altitude flight management and service platform, which is supported by government policies promoting low-altitude economic development [5][8]. Financial Metrics - The company’s financial metrics indicate a projected PE ratio of 40 times for 2024, with a net profit margin of approximately 12.1% [10][12]. - The company’s total market capitalization is approximately 14.71 billion CNY, with a total share count of 543.33 million shares [6].

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 49.24 CNY [3][7]. Core Insights - The company's core business profitability has improved, with a net profit of 746 billion CNY for H1 2024, representing a year-on-year increase of 6.8% [1]. - New Business Value (NBV) achieved a robust growth of 11.0% year-on-year, reaching 223 billion CNY, despite a 19% decline in new single premium due to high base effects from the previous year [1][2]. - The company has seen a significant improvement in profitability, with a Q2 net profit increase of 20.4% year-on-year [1]. Summary by Sections Financial Performance - For H1 2024, the company reported a net profit of 746 billion CNY (YoY +6.8%) and an operating profit of 785 billion CNY (YoY -0.6%) [1]. - The core businesses contributed an operating profit of 796 billion CNY (YoY +1.7%) [1]. - The company’s H1 2024 insurance service revenue reached 1619 billion CNY (YoY +3.9%) with a net profit from property and casualty insurance of 100 billion CNY (YoY +7.2%) [2]. Business Segments - The life and health insurance segment achieved an operating profit of 563 billion CNY (YoY +1.3%) and an NBV of 223 billion CNY (YoY +11.0%) [2]. - The property and casualty insurance segment saw a slight improvement in profitability, with a combined cost ratio of 97.8%, down 0.2 percentage points year-on-year [2]. Investment Performance - As of the end of H1 2024, the company’s investment portfolio exceeded 5.20 trillion CNY, growing by 10.2% since the beginning of the year [2]. - The annualized total investment return rate was 3.5%, with a comprehensive investment return rate of 4.2%, both showing a year-on-year increase of 0.1 percentage points [2]. Market Position - The company’s market capitalization is approximately 789.41 billion CNY, with a circulating market value of 466.56 billion CNY [3]. - The stock price as of August 23, 2024, was 43.35 CNY, with a 12-month price range of 37.78 to 51.45 CNY [3].

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 5.52 CNY for the next six months [4]. Core Views - The company reported a slight increase in performance with a revenue of 39.377 billion CNY in the first half of 2024, representing a year-on-year growth of 0.26%. The net profit attributable to shareholders was 7.109 billion CNY, up 2.16% year-on-year [1]. - The company has received approval for six new units, enhancing its long-term growth potential and performance stability. The total installed capacity of the newly approved units is 7.348 million kW [3]. - The company’s average settlement electricity price in the first half of 2024 was 0.37 CNY per kWh, showing a slight decline of approximately 2.1% year-on-year due to market price fluctuations [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 39.377 billion CNY, a 0.26% increase year-on-year, and a net profit of 7.109 billion CNY, reflecting a 2.16% growth [1]. - The company managed to generate 106.01 billion kWh of electricity from its operational nuclear power units, a slight increase of 0.09% year-on-year [2]. Project Development - The company has a total of 16 units under construction or planning, with a commitment to inject these assets into the listed company within five years of the official start of construction [3]. - The approval of six new units is expected to provide a solid foundation for stable growth in the company's performance [3]. Market Position - The company’s stock price as of August 23, 2024, was 4.99 CNY, with a market capitalization of approximately 251.988 billion CNY [4]. - The company is positioned as a stable asset in the current market volatility, benefiting from the steady nature of nuclear power as a quality energy source [8].