Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's recurring income showed steady growth, with a 9% YoY increase to RMB 20 billion, while core net profit grew by 14.4% YoY to RMB 5.5 billion [2] - The company's asset management scale reached RMB 449.1 billion, a 5.1% increase from the end of 2023 [3] - The company's contracted sales for the first half of 2024 were RMB 124.7 billion, maintaining its position as the fourth-largest in the industry [2] Financial Performance - The company achieved revenue of RMB 79.1 billion in the first half of 2024, an 8.4% YoY increase, with net profit attributable to shareholders and core net profit at RMB 10.3 billion and RMB 10.7 billion, respectively [2] - The company's weighted average financing cost decreased by 32 basis points to 3.24%, maintaining its position in the lowest tier of the industry [2] - The company's total interest-bearing debt ratio and net interest-bearing debt ratio decreased to 38.9% and 33.6%, respectively, both at low levels in the industry [2] Business Operations - The company's shopping centers achieved rental income of RMB 9.5 billion, a 9.7% YoY increase, with a retail sales growth of 21.9% YoY to RMB 91.6 billion [3] - The company plans to open approximately 10 new shopping centers in the second half of 2024, with the total number of operational shopping centers expected to reach 110 by the end of 2027 [3] - The company's office rental income decreased by 4.9% YoY to RMB 950 million, with an occupancy rate of 75% [3] Land Reserves and Development - The company acquired 11 new projects in the first half of 2024, adding 2.02 million square meters of land reserves, with 87% of the investment concentrated in first- and second-tier cities [2] - The company's total land reserves reached 56.99 million square meters, with 47.71 million square meters allocated for development and sales, of which over 70% are located in first- and second-tier cities [2] - The company's total salable resources for the second half of 2024 amounted to RMB 368.7 billion, with 85% located in first- and second-tier cities [2] Profit Forecast and Valuation - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of 6% from 2024 to 2026, with net profit attributable to shareholders growing at a CAGR of 4% [4] - The company's EPS is forecasted to be RMB 4.40, RMB 4.56, RMB 4.75, and RMB 4.95 for 2023, 2024, 2025, and 2026, respectively [4] - The company's PE ratio is expected to be 5.87, 4.16, 4.01, and 4.11 for 2023, 2024, 2025, and 2026, respectively [4] Market Position and Strategy - The company maintained its position as the fourth-largest in the industry by sales scale, with a top-five market share in 20 major cities [2] - The company's sales in first-tier cities accounted for an 8 percentage point increase YoY [2] - The company's investment in first- and second-tier cities accounted for 87% of its total land acquisitions [2]

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 当前价：32.55 港元 康诺亚-B（2162.HK）医疗保健 目标价：——港元 自免双抗授权，期待 CM310 上市 基础数据 [Table_BaseData] 52 周区间(港元) 27.45-61.65 3 个月平均成交量(百万) 0.78 流通股数(亿) 2.80 市值(亿) 91.05 [Table_Summary 事件：公司发布] 2024 半年度报告，2024 上半年收入达 0.5 亿元，主要来源于 阿斯利康支付的 CMG901 项目第一笔研发里程碑付款。 CM310三项适应症处于 NDA阶段，即将迎来密集落地期。CM310治疗成人中 重度特应性皮炎的新药上市申请于 2023年 12月获 CDE 受理，治疗青少年中重 度特应性皮炎的注册行临床于 2024 Q1启动。CM310治疗慢性鼻窦炎伴鼻息肉 的药品上市许可申请于 2024年 6月获国家药监局受理，并纳入优先审评审批程 序。CM310治疗 SAR适应症的Ⅲ期临床试验达到主要终点，NDA 申请于 2024 年 4 月获 CDE 受理 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.89, based on a current price of HKD 10.86 [1][3]. Core Insights - The company reported a revenue of RMB 6.88 billion for the first half of 2024, representing a year-on-year growth of 19.6%. The net profit doubled compared to the same period last year, with a growth rate of 105.1% [2][3]. - The company's core business shows resilience, with a strong order volume growth exceeding 30% year-on-year. Revenue from same-city delivery services increased from RMB 3.39 billion in the first half of 2023 to RMB 4.04 billion in the first half of 2024, a growth of 19.2% [2][3]. - The company has optimized its business structure, achieving significant improvements in revenue from same-city delivery to merchants, which reached RMB 2.87 billion, up 18.8% year-on-year [2][3]. - The company is focusing on understanding consumer needs and capturing new market opportunities, with revenue from consumer-oriented same-city delivery growing by 20.1% year-on-year to RMB 1.16 billion [2][3]. Summary by Sections Financial Performance - The company achieved a gross profit of RMB 470 million and a gross margin of 6.9%, up 0.2 percentage points from the previous year. The net profit margin was 0.9% [2]. - The average delivery time for orders within 3 kilometers was 22 minutes, with a service quality achievement rate of approximately 95% [2]. Revenue Projections - The company expects to continue benefiting from market opportunities in local retail and third-party instant delivery services, projecting revenues of RMB 10.27 billion, RMB 12.40 billion, and RMB 15.15 billion for 2024, 2025, and 2026, respectively [4][9]. - The projected net profits for the same years are RMB 0.51 billion, RMB 1.50 billion, and RMB 2.80 billion, with EPS expected to be RMB 0.06, RMB 0.16, and RMB 0.31 [4][9]. Valuation - The report suggests that a price-to-sales (P/S) valuation is more appropriate, with the company's 2024 valuation at 0.6 times, compared to an average of 1.01 times for comparable companies [3][10]. - The report anticipates further profit elasticity release as the company focuses on high-quality growth and profitability enhancement [3][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue of 220 million yuan, down 4.7% year-on-year, and a net profit of 46.26 million yuan, down 26.7% year-on-year. The second quarter also showed a similar trend with revenue of 120 million yuan, down 5.0% year-on-year, and a net profit of 27.11 million yuan, down 26.8% year-on-year [1]. - The company is focusing on diversifying its ultra-high pressure equipment business and expects to see growth in the future. It plans to enhance its existing product lines and develop new products, including floating oil hoses and high-pressure cleaning machines [2]. - The forecast for net profit from 2024 to 2026 is approximately 140 million, 160 million, and 180 million yuan, respectively, indicating a compound annual growth rate of 11.4% [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 220 million yuan, a decrease of 4.7% year-on-year, and a net profit of 46.26 million yuan, down 26.7% year-on-year. The second quarter's revenue was 120 million yuan, down 5.0% year-on-year, with a net profit of 27.11 million yuan, down 26.8% year-on-year [1]. - The revenue breakdown for various products includes: steel wire winding rubber hoses (34.89 million yuan, -17.84%), steel wire braided rubber hoses (63.12 million yuan, -10.74%), fiber reinforced rubber hoses (11.08 million yuan, +23.97%), and assembly and supporting fittings (102.05 million yuan, +1.33%) [1]. Business Development - The company aims to optimize its existing business by expanding its oil hose product line and developing new markets. It has obtained API 17K certification for some of its oil pipe products, positioning itself to enter the marine engineering hose market [2]. - New projects include the construction of a high molecular material recycling and special rubber research institute in Qingdao, with plans for a prototype of the ultra-high pressure food sterilizer to be ready by September [2]. Profit Forecast - The company forecasts revenue growth from 485.4 million yuan in 2023 to 625.3 million yuan in 2026, with a compound annual growth rate of 9.5% [3]. - The projected net profit for 2024, 2025, and 2026 is 140 million, 160 million, and 180 million yuan, respectively, with a net profit growth rate of 7.56%, 13.22%, and 13.37% [3][5].

[Table_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：175.74 元 山西汾酒（600809）食品饮料 目标价：——元（6 个月） 青花系列主动控量，积极备战双节旺季 [Table_Summary 事件：公司发布] 2024 年中报，上半年实现收入 227.5 亿元，同比+19.6%，归 母净利润 84.1亿元，同比+24.3%；其中 24Q2实现收入 74.1亿元，同比+17.1%， 归母净利润 21.5 亿元，同比+10.2%。 青花系列主动控量，玻汾系列接棒发力。1、在外部商务消费有所承压的背景下， 公司全产品矩阵协同发力，24Q1 青花系列等中高端产品放量高增，24Q2 玻汾 依托高性价比接棒发力，助力公司上半年收入实现平稳增长。2、分产品，24Q2 中高价白酒实现收入 45.7 亿元，同比+1.5%，预计主要系商务需求有所承压， 叠加公司对青花主动控量，帮助渠道消化库存；其他酒类实现收入 28.0亿元， 同比+58.3%，预计主要系玻汾性价比高，市场投放量有所加大。3、分区域， 24Q2 省内实现收入 28.0亿元，同比+ ...

[ T able_StockInfo] 2024 年 08 月 29 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：27.05 港元 农夫山泉（9633.HK）食品饮料 目标价：34.20 港元 包装水短期承压，茶饮加速放量 [Table_Summary 事件：公司发布] 2024 年中报，24H1 实现营收 221.7 亿元，同比+8.4%；归母 净利润 62.4 亿元，同比+8.0%。 包装水受舆论攻击影响承压，茶饮受益于无糖风潮维持高增。分品类看，包装 水、茶饮料、功能饮料、果汁饮料、其他产品分别实现销售收入 85.3 亿元 （-18.3%）、84.3亿元（+59.5%）、25.5亿元（+3.8%）、21.1亿元（+25.4%）、 5.5 亿元(-7.2%)，分别占总营收的 38.5%/38.0%/11.5%/9.5%/2.5%。其中，包 装水下降较多主因 2 月底网络出现大量对公司和创始人的舆论攻击和恶意诋毁 影响品牌销售。茶饮料中东方树叶及茶π两大单品在健康化、低糖化趋势下快 速放量，第二曲线逐步夯实，东方树叶新口味新规格研发上市。功能饮料一方 面推出尖叫新口味注入品牌活力，另一方 ...

[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：7.10 元 利通科技（832225）基础化工 目标价：——元（6 个月） 业绩短期承压，期待超高压装备产业化 [Table_Summary 事件：公司发布] 2024年中报，24H1公司实现营业收入 2.2亿元，同比-4.7%， 归母净利润 4626.4 万元，同比-26.7%，扣非归母净利润 4336.1 万元，同比 -27.9%；其中单 24Q2 公司实现营业收入 1.2 亿元，同比-5.0%，归母净利润 2711.5 万元，同比-26.8%，扣非归母净利润 2569.0 万元，同比-29.8%。 业绩短期承压，期待后续表现。24H1，公司钢丝缠绕橡胶软管/钢丝编织橡胶软 管/纤维增强橡胶软管/胶管总成及配套管件/混炼胶/其他产品分别实现营收 3489.3/ 6312.4/ 1107.9/ 10204.9/ 874.1/ 117.5 万元，分别同比-17.84%/ -10.74%/ +23.97%/+ 1.33%/+ 3.42%/+ 93.60%，毛利率分别为 43.97%/ ...

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.86 港元 顺丰同城（9699.HK）交通运输 目标价：12.89 港元 净利同比翻倍增长，预计 9 月进入港股通 基础数据 [Table_BaseData] 52 周区间(港元) 6.37-12.6 3 个月平均成交量(百万) 0.51 流通股数(亿) 9.17 市值(亿) 99.63 [Table_Summary 事件：顺丰同城公布 ] 2024年半年报。2024年上半年公司实现营收 68.8亿元， 同比增长 19.6%。公司毛利及毛利率分别为 4.7亿及 6.9%，较去年同期毛利率 6.7%上涨 0.2pp。净利润及净利润率分别为 0.6亿元及 0.9%，较去年同期净利 润同比翻倍增长，增速达 105.1%，公司盈利能力持续提升。 业务凸显良好韧性，实现核心业务健康可持续增长。公司订单量与去年同期相 比实现强劲增长超过三成，同城配送服务的收入从 2023 年上半年 33.9 亿元增 长 19.2%至 2024 年上半年 40.4 亿元。充分发挥运力网络的弹性和成本 ...

Investment Rating - The report maintains a "Buy" rating for Hewei Electric (603063) with a target price of 16.05 CNY over the next six months [1][5]. Core Insights - The company reported a revenue of 1.38 billion CNY for the first half of 2024, a year-on-year decrease of 10.3%, and a net profit attributable to shareholders of 150 million CNY, down 23.6% year-on-year [1]. - The gross margin increased, while the expense ratio faced short-term pressure due to increased R&D investment, which rose to 11.7% of revenue, up 3.8 percentage points year-on-year [1][4]. - The gross margin for the new energy control business improved significantly, reaching 35.7%, an increase of 8 percentage points year-on-year, despite a revenue decline of 12.2% [1][4]. - The hydrogen energy business is expected to become a new growth driver, with the company providing large-capacity IGBT hydrogen production power products [1][4]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 38.6% and a net profit margin of 12.5% [1]. - The revenue forecast for 2024-2026 is projected to be 4.02 billion CNY, 4.86 billion CNY, and 6.06 billion CNY, respectively, with net profits of 472 million CNY, 619 million CNY, and 816 million CNY [2][4]. - The company is positioned as a leading domestic manufacturer in the wind power converter sector, leveraging its technological advantages to accelerate domestic substitution [5][6]. Business Segment Insights - The new energy control business is expected to see a revenue growth rate of 6.4% in 2024, with a gross margin of 34.89% [4]. - The engineering transmission business is projected to grow by 10% in 2024, maintaining a gross margin of 45% [4]. - The company is collaborating with Longi to expand its hydrogen energy business, which has significant growth potential [5][6].

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：27.63 元 杰瑞股份（002353）机械设备 目标价：——元（6 个月） 请务必阅读正文后的重要声明部分 1 经营性现金流大幅改善，新增订单势头良好 [Table_Summary 事件：公司发布] 2024年半年报，2024H1公司实现营业收入 50.0亿元，同比减 少 8.5%；归母净利润 10.9 亿元，同比增长 4.3%。2024Q2 公司实现营业收入 28.3 亿元，同比减少 10.0%；归母净利润 7.1亿元，同比增长 3.1%。受油气工 程服务接单节奏影响，收入端短期承压。 国内外市场拓展顺利，新增订单势头良好。海外市场多点开花：2024H1，公司 为中东子公司增资 1.2亿美元在迪拜建设高端油气装备制造基地；成功斩获中亚 战略客户重大天然气项目订单；完成北美首套电驱压裂装备交付，同时与客户 再次签订电驱压裂设备新订单；与伊拉克中部石油公司签署曼苏里亚开发生产 合同。夯实国内基本盘：2024 年 6 月，成功中标中石油 2024 年电驱压裂设备 （带量）集中采 ...