[Table_MainInfo]行业研究/纺织与服装 证券研究报告 行业周报 2024 年 09 月 18 日 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/商业贸易/贸易 证券研究报告 建发股份（600153）公司半年报点评 2024 年 09 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 7.48 | | 52 周股价波动（元） | 7.00-11.56 | | 总股本 / 流通 A 股（百万股） | 2947/2900 | | 总市值 / 流通市值（百万元） | 22044/21689 | | 相关研究 | | | [Table_ReportInfo] 《重组收益致利润上升，销售投资保持定力》 | | | 2024.04.21 | | 市场表现 [Table_QuoteInfo] -26.41% -18.41% -10.41% -2.41% 5.59% 2023/9 2023/12 2024/3 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Insights - The company reported a revenue of 51.1 billion HKD for the first half of 2024, a year-over-year decrease of 0.7%, while the net profit attributable to shareholders was 9.36 billion HKD, reflecting a year-over-year increase of 38.9% [4] - The core profit from thermal power was 2.72 billion HKD, significantly up from 730 million HKD in the same period last year, driven by a decrease in coal prices and fuel costs [4] - Renewable energy core profit was 5.56 billion HKD, down from 5.95 billion HKD year-over-year, attributed to lower revenue from renewable energy due to unfavorable weather conditions [4] - The company plans to add 40 million kW of renewable energy capacity during the 14th Five-Year Plan period, with a target of 10 million kW in 2024 [4] Financial Performance - The company expects net profits of 15 billion HKD, 17.2 billion HKD, and 18.8 billion HKD for 2024, 2025, and 2026 respectively, with earnings per share projected at 3.13 HKD, 3.57 HKD, and 3.90 HKD [5][9] - The estimated price-to-earnings (PE) ratio for 2024 is between 7-9 times, suggesting a fair value range of 21.91 to 28.17 HKD per share [5] - The company’s revenue is projected to grow slightly from 104.38 billion HKD in 2023 to 104.77 billion HKD in 2024, with a compound annual growth rate of approximately 4.9% through 2026 [6][9] Market Comparison - The company’s current PE ratio is 6.5, which is lower than its peers, indicating a potentially undervalued position in the market [8] - The average PE for comparable companies is around 8.4, suggesting that the company may have room for valuation improvement [8]

证券研究报告 （优于大市，维持） | --- | --- | --- | |------------|--------------------|-------| | | | | | SAC 号码： | S0850524080001 | | | | 2024 年 9 月 17 日 | | 网络赋能、AI驱动，天地一体构筑数字经济底座 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----- ...

[Table_MainInfo]行业研究/信息设备/半导体产品与半导体设备 证券研究报告 行业跟踪报告 2024 年 09 月 17 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | |--------------------------------------------------|------------------| | | | | [Table_QuoteInfo] 4.67% 半导体产品与半导体设备 | 海通综指 | | -2.53% | | | -9.72% | | | -16.92% | | | -24.11% | | | -31.31% 2023/9 2023/12 2024/3 | 2024/6 | | 资料来源：海通证券研究所 | | | 相关研究 | | | [Table_ReportInfo] 《 8 英寸碳化硅加速落地》 | 2024.09.13 | | 《半导体封测板块 24 2024.09.12 | 半年报业绩总结》 | | 《周期向上，晶圆代工稼动率逐步恢复》 2024.09.08 ...

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Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company is expected to achieve high-quality growth in FY24, with revenue increasing by 17.3% to 5.238 billion [3][5] - The net profit attributable to shareholders is projected to rise by 36.7% to 849 million [3][5] - The company maintains a high dividend yield of 12.1% for FY24, with a proposed final dividend of 0.86 HKD per share [4][5] Summary by Sections Financial Performance - FY24 revenue is expected to grow by 17.3% to 5.238 billion, with online and offline revenue increasing by 17.1% and 18.4% respectively [3][5] - Comparable same-store sales are projected to improve by 10.7% [3] - The net profit for FY24 is forecasted to increase by 36.7% to 849 million, with a net profit margin rising by 2.3 percentage points to 16.2% [3][5] Brand Performance - Revenue growth for mature, growing, and emerging brands is expected to be 17.1%, 17%, and 28.7% respectively [4] - The gross profit margin for FY24 is anticipated to be 66.25% [5] - The operating profit margin is projected to improve significantly across different brand categories [4] Store Expansion and Membership - The company plans to open a net of 34 stores in FY24, with a focus on maintaining core membership [4] - Active membership accounts are expected to reach 556,000, a year-on-year increase of 9.4% [4] Dividend and Valuation - The company plans to maintain a high dividend payout ratio of 97%, with a forecasted dividend yield of 9.8% for FY25 [4] - The estimated net profit for FY25 is projected at 888 million, with corresponding EPS of 1.71 HKD [5][7] - The company is valued at a P/E ratio of 9-10X for FY25, with a target price range of 16.75-18.62 HKD per share [4][5]

[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 中国中免（601888）公司半年报点评 2024 年 09 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------|----------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 54.84 | | 52 周股价波动（元） | 54.00-111.60 | | 总股本 / 流通 A 股（百万股） | 2069/1952 | | 总市值 / 流通市值（百万元） | 113456/113456 | | 相关研究 | | | [Table_ReportInfo] 《 2023 年收入 675 亿同比增 | 24% ，分红比例 | | 大幅提升》 2024.04.02 | | | 《 3Q23 毛利率环比改善，旺季表现值得期待》 | | | 2023.11.07 | | 市场表现 [Table_Quot ...

[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 康泰生物（300601）公司半年报点评 2024 年 09 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 13.20 | | 52 周股价波动（元） | 13.18-34.18 | | 总股本 / 流通 A 股（百万股） | 1117/881 | | 总市值 / 流通市值（百万元） | 14743/11633 | | 相关研究 | | | [Table_ReportInfo] 《常规产品实现增长，出海稳步推进》 | | | 2024.05.29 | | 市场表现 [Table_QuoteInfo] -53.43% -39.43% -25.43% -11.43% 2.57% 16.57% 2023/9 2023/12 202 ...

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