Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company experienced a decline in revenue and net profit in the first half of 2024, with revenue at 5.212 billion yuan, down 13.59% year-on-year, and net profit at 579 million yuan, down 20.09% year-on-year. However, the gross margin improved to 24.87%, an increase of 4 percentage points [4] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 196 million yuan, which represents 60.85% of the net profit for the first half of 2024 [4] - The company is focusing on expanding its educational services and has made significant progress in its research and study business, serving 88,000 students in the first half of 2024, with revenue growth of 80.22% [4] - The company is also exploring the gaming business, developing a supply chain for game products, and has established partnerships for overseas distribution [4] - The online bookstore matrix has been expanded, achieving sales of 370 million yuan in the first half of 2024, a year-on-year increase of 34.5% [5] Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 5.212 billion yuan, a decrease of 13.59% year-on-year, and a net profit of 579 million yuan, down 20.09% year-on-year. The gross margin improved to 24.87%, an increase of 4 percentage points [4] - The company expects revenues to decline slightly in 2024, with projected revenues of 10.832 billion yuan, down 3.66% year-on-year, and a net profit of 831 million yuan, down 11.2% year-on-year [6][10] Business Development - The company is actively developing its educational services, having issued 1.8 billion textbooks and auxiliary materials in the spring of 2024, and is enhancing its online education platform, which has 5.254 million users and generated 730 million yuan in revenue, a 120% increase year-on-year [4] - The gaming business is being developed with a focus on creating a supply chain for game products, including notable titles such as "The Legend of Sword and Fairy" and "Black Myth: Wukong" [4] - The company has established a matrix of 36 online bookstores, achieving sales of 370 million yuan in the first half of 2024, a year-on-year increase of 34.5% [5] Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.42 yuan in 2024, 0.49 yuan in 2025, and 0.54 yuan in 2026, with a dynamic price-to-earnings (PE) ratio of 17-20 times, indicating a reasonable value range of 7.14-8.40 yuan per share [7]

[Table_MainInfo]行业研究/公用事业 证券研究报告 行业周报 2024 年 09 月 10 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -11.99% -5.42% 1.15% 7.71% 14.28% 20.84% 公用事业 海通综指 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] 《电价继续好转，向上趋势或开启》 | | | 2024.09.03 | | | 《电价好转，行业亟需价值发展》 | | | 2024.08.26 | | | 《行业见底，继续好转》 | 2024.08.20 | 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S085051 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company achieved revenue of 800 million yuan in H1 2024, a YoY decrease of 9.40%, with net profit attributable to shareholders of 105 million yuan, a YoY decrease of 18.18% [5] - Q2 2024 revenue was 443 million yuan, a YoY decrease of 5.39%, with net profit attributable to shareholders of 69 million yuan, a YoY decrease of 1.39% [5] - Q2 2024 gross margin increased to 38.44%, up 1.95 percentage points QoQ, and net margin rose to 13.30%, up 6.55 percentage points QoQ [5] - The company is a leader in smart vision chips, with strong performance in professional video processing, smart IoT, and smart automotive sectors [5] - The company has expanded its product lines and applications, with future business expected to grow steadily as market demand recovers [5] Financial Performance - Revenue for 2024E is projected at 1,923 million yuan, a YoY increase of 5.5%, with net profit of 257 million yuan, a YoY increase of 1.7% [7] - EPS for 2024E is forecasted at 1.11 yuan, with a P/E ratio of 28.93x [7][9] - Gross margin is expected to remain stable at around 38.2%-38.7% from 2024E to 2026E [7][9] - ROE is projected to increase from 9.2% in 2024E to 11.1% in 2026E [7][9] Business Segments - In professional video processing, the company leads with advanced technology and comprehensive chip solutions [5] - In smart IoT, the company has upgraded products for applications like smart locks and home surveillance cameras, collaborating with leading consumer electronics firms [5] - In smart automotive, the company's new-generation ISP products have improved interface speed and chip performance, meeting the demands of new energy vehicles [5] - The company has obtained AEC-Q100 and ISO26262 certifications, establishing a robust automotive-grade chip R&D and quality management system [5] Valuation and Forecast - The company's 2024E EPS is projected at 1.11 yuan, with a P/E valuation range of 25-30x, implying a fair value range of 27.75-33.30 yuan [5] - Compared to peers, the company's 2024E P/E ratio of 28.9x is lower than the industry average of 43.8x [8] Market Performance - The company's stock price has underperformed the market, with a 48.51% decline over the past year [3] - Relative to the CSI 300, the stock has shown mixed performance, with a 3.8% relative gain over the past 3 months [4]

[Table_MainInfo]行业研究/机械工业 证券研究报告 行业月报 2024 年 09 月 10 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 机械工业 海通综指 -22.42% -17.09% -11.76% -6.42% -1.09% 4.24% 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] 《1X 消费级人形机器人亮相；我国船企 签署多份批量新船建造合同》2024.09.08 《光伏招标机制座谈会召开，部分环节初 现回暖迹象》2024.09.08 《船舶行业：南北船筹划重组；新接订单 高增》2024.09.04 分析师:赵玥炜 Tel:（021）23219814 Email:z w13208@haitong.com 证书:S0850520070002 分析师:赵靖博 Tel:（021）23185625 Email:zjb13572@haitong.com 证书:S0850521100001 分析师:毛冠锦 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company reported a resilient growth in revenue and profit, achieving a total revenue of RMB 7.957 billion in the first half of 2024, representing a year-on-year increase of 17.1%. The core net profit increased by 24.2% to RMB 1.766 billion, with a comprehensive gross margin of 34.0%, up 0.8 percentage points year-on-year [4][7]. - The company continues to expand its commercial management business, opening 7 new shopping centers, bringing the total to 108. The rental income from shopping centers increased by 19.7% year-on-year to RMB 12.6 billion [4][12]. - The membership system is progressing steadily, with a total of 52.2 million members as of June 30, 2024, a growth of 12.9% from the end of 2023 [5][12]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of RMB 7.957 billion, a 17.1% increase year-on-year. The core net profit rose by 24.2% to RMB 1.766 billion, with a gross margin of 34.0% [4][7][13]. - The company declared an interim dividend of RMB 0.279 per share, a 25.1% increase year-on-year, maintaining a stable payout ratio of 36.0% [4][7]. Business Expansion - The company opened 7 new shopping centers in the first half of 2024, leading the industry in terms of quantity and quality. The rental income from shopping centers increased by 19.7% year-on-year to RMB 12.6 billion [4][12]. - The property management segment also saw significant growth, with a total managed area of 398 million square meters and a contracted area of 446 million square meters, covering 164 cities [12][14]. Membership and Innovation - The membership program, "Wanda Star," reached 52.2 million members, with a 12.9% increase from the end of 2023. The total points issued increased by 19% to RMB 500 million, and the points redeemed rose by 21% to RMB 340 million [5][12]. Valuation - The company is projected to have an EPS of RMB 1.60 for 2024, with a valuation range of HKD 31.3 to 34.7 per share based on an 18-20 times PE ratio, corresponding to a market capitalization range of HKD 714 billion to 793 billion [5][15].

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 09 日收盘价（元） ] | 25.18 | | 52 周股价波动（元） | 24.06-54.20 | | 总股本 / 流通 A 股（百万股） | 1243/1243 | | 总市值 / 流通市值（百万元） | 31294/31294 | | 相关研究 | | | [Table_ReportInfo] 《阶段性压力，期待新项目拓展》 | 2024.06.06 | | 《稳中有进》 2023.11.06 | | 市场表现 [Table_QuoteInfo] 闻泰科技 海通综指 -46.67% -33.67% -20.67% -7.67% 5.33% 2023/9 2023/12 2024/3 2024/6 | --- | --- | --- | --- | |-------------------------- ...

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 安克创新（300866）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------|------------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 09 日收盘价（元） ] | 65.45 | | 52 周股价波动（元） | 50.21-102.00 | | 总股本 / 流通 A 股（百万股） | 531/296 | | 总市值 / 流通市值（百万元） | 34781/19400 | | 相关研究 | | | [Table_ReportInfo] 《 1Q24 收入增 30% 扣非净利增 | 29% ，创新提 | | 质提效》 2024.06.01 | | | 《 3Q23 收入增 29% 净利增 | 55% ，延续高质量 | | 高弹性增长》 2023.11.05 | | | 《 1H2 ...

[Table_MainInfo]行业研究/信息服务 证券研究报告 行业周报 2024 年 09 月 09 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 信息服务 海通综指 -36.26% -28.16% -20.06% -11.96% -3.86% 4.24% 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] 《《轻工业数字化转型实施方案（征求意 见稿）》发布，充分挖掘行业数字化需求》 2024.09.04 《聚焦海思及华为全联接大会》 2024.09.08 《计算机行业 2024 年 9 月研究观点：华 为全联接大会前瞻，信创与 AI 得到重点 关注》2024.09.04 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@haitong.com 证书:S085 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][5] Core Viewpoints - The company maintains a strong financial position with stable operating performance, achieving a revenue of RMB 35.34 billion in the first half of 2024, a year-on-year increase of 10.1%. However, the net profit attributable to the parent company decreased by 15.9% to RMB 1.83 billion [4][7] - The company continues to consolidate its leading position in the Greater Bay Area, with total contract sales amounting to approximately RMB 55.4 billion, a year-on-year decline of 33.8% [4][7] - The company has adopted a "commercial and residential dual-platform" strategy, with commercial property operating income increasing by 4.8% to RMB 1.33 billion, and rental income rising by 41.3% to RMB 297 million [4][7] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported total revenue of RMB 35.34 billion, with a gross profit margin of 13.7%, down 4.1 percentage points year-on-year. The asset-liability ratio, net debt ratio, and cash short-term debt ratio were 68.3%, 58.6%, and 1.53 times, respectively, maintaining a "green" status under the "three red lines" policy [4][6][7] - The average borrowing cost decreased to 3.47% by the end of the period, with a weighted average borrowing rate of 3.57%, down 41 basis points year-on-year [4][6] Market Position - The company achieved contract sales of RMB 261.1 billion in the Greater Bay Area, RMB 128.8 billion in East China, RMB 89.4 billion in Central and Western China, and RMB 74.7 billion in Northern China, representing 47.1%, 23.2%, 16.2%, and 13.5% of total contract sales, respectively [4][7] Strategic Initiatives - The company has implemented a "6+1" diversified land acquisition model, acquiring 12 plots of land with a total construction area of approximately 1.72 million square meters in major cities, with 66% of the new land reserves obtained through this model [4][8] - The company continues to enhance the interaction between its commercial property and real estate investment trust (REIT) platforms, with the REIT achieving operating income of RMB 1.034 billion, a year-on-year decrease of 2.5% [4][7] Valuation - The forecasted EPS for 2024 is RMB 0.81, with a projected market capitalization range of HKD 28.5 billion to HKD 35.7 billion, corresponding to a reasonable value range of HKD 7.09 to HKD 8.86 per share [5][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a revenue of 91.037 billion yuan for H1 2024, a year-on-year decrease of 0.34%, while the net profit attributable to the parent company was 2.839 billion yuan, down 3.63%. However, the net profit excluding non-recurring items increased by 3.46% to 3.050 billion yuan [3] - The company experienced a decline in revenue and net profit in Q2 2024, with Q1 showing a revenue increase of 5.54% and Q2 a decrease of 5.53%. The net profit for Q1 increased by 9.50%, while Q2 saw a decrease of 11.58% [3] - The company’s gross margin improved by 1.06 percentage points to 9.39% in H1 2024, with specific segments like chemical engineering and new materials showing significant improvements [3] - The company signed new contracts worth 215.418 billion yuan from January to July 2024, a year-on-year increase of 10.02%, with overseas contracts increasing by 153.93% [3] - The earnings per share (EPS) for 2024 and 2025 are projected to be 0.97 yuan and 1.06 yuan, respectively, with a reasonable valuation range of 9.68 to 10.65 yuan based on a price-to-earnings ratio of 10-11 times for 2024 [3] Financial Summary - For H1 2024, the company’s revenue by segment was as follows: chemical engineering 73.918 billion yuan, infrastructure 10.124 billion yuan, environmental governance 1.124 billion yuan, industrial and new materials 4.442 billion yuan, and modern services 0.747 billion yuan [3] - The company’s operating cash flow turned into a net outflow of 4.571 billion yuan in H1 2024, compared to a net inflow of 226 million yuan in H1 2023 [3] - The company’s total revenue is projected to grow from 179.196 billion yuan in 2023 to 194.126 billion yuan in 2024, with a year-on-year growth rate of 8.3% [4][10]