Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 17.98 [1]. Core Insights - The company is experiencing steady revenue growth driven by the expansion of its store and user base, with a reported revenue of HKD 7.1 billion for the first half of 2024, representing a year-on-year increase of 9.3% [3]. - The company has added 402 factory stores, bringing the total to 6,311, and has registered 126 million users, a 20.7% increase year-on-year [3]. - The adjusted net profit for the first half of 2024 is HKD 358 million, up 67.3% year-on-year, with a gross margin of 25.9%, reflecting an improvement due to the continuous enhancement of proprietary controlled products [3]. - The report anticipates revenue growth for 2024-2026 to be HKD 146 billion, HKD 160 billion, and HKD 179 billion, with corresponding year-on-year growth rates of 7%, 10%, and 12% respectively [4]. - The net profit projections for the same period are HKD 720 million, HKD 1.07 billion, and HKD 1.37 billion, with year-on-year growth rates of -89%, +49%, and +28% respectively [4]. - The company is expected to benefit from the optimization of the third-party market structure, which will enhance its performance stability and valuation [4]. Financial Summary - Revenue for 2022 was HKD 11.563 billion, with a projected increase to HKD 17.934 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 12% [1]. - The net profit for 2022 was a loss of HKD 2.136 billion, expected to recover to HKD 1.37 billion by 2026 [1]. - Earnings per share (EPS) are projected to rise from a loss of HKD 2.63 in 2022 to HKD 1.69 by 2026 [1]. - The price-to-earnings (P/E) ratio is expected to improve from -6.2 in 2022 to 9.7 by 2026 [1].

【中泰研究丨晨会聚焦】金工李倩云：产出缺口回落，红利主题内部持续分化 证券研究报告 2024 年 9 月 04 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 今日重点>> 【金工】李倩云：产出缺口回落，红利主题内部持续分化 Email： 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【金工】李倩云：产出缺口回落，红利主题内部持续分化 李倩云｜中泰金工基金组组长 S0740520050001 8 月 A 股持续下挫，中小盘跌幅更深。风格板块中，周期和成长板块跌幅超过-4%，金融和消费板 块跌幅在-3%以内。行业指数全部收跌，煤炭、石油石化、家电、非银金融、传媒和银行跌幅在-2% 以内，汽车、通信、建筑、房地产、钢铁、建材、计算机、农林牧渔、国防军工跌幅超过-6%。转 债在权益拖累下持续收跌-2.4%，国债指数收涨 0.2%，企业债指数收跌-0.2%。 标普 500 指数和恒生指数反弹超过 2%。商品市场继续回调。黄金收涨 2.3 ...

| --- | --- | |------------------------------------|----------------| | | | | | | | | | | [Table_Title] 评级：买入（维持） | | | 市场价格： 14.63 | 元 | | | | | 分析师：杜冲 执业证书编号： | S0740522040001 | | 电话： | | Email：duchong@zts.com.cn 联系人：鲁昊 电话电话： Email：luhao@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 10,040 | | 流通股本 ( 百万股 ) | 5,887 | | 市价 ( 元 ) | 14.63 | | 市值 ( 百万元 ) | 146,883 | | 流通市值 ( 百万元 ) | 86,129 | [Table_QuotePic] 股价与行业-市场走势对比 | --- | --- | --- | |-- ...

JK.L 24 MNM;I!#OPQ2RS%TUVWX2RYZ[\ JK.L(300693.SZ)/P] ^_ `abc;I! 2024 M 9 d 5 e | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------|------------------------------------|---------|-------|------------------|--------------------------|-------| | [Table_Industry] [Table_Title] !"#$%&'() \n!"#$% 20.12 & | [Table_Finance =>?@ABCDE 1] \n23 | \n2022A | 2023A | 2024E | 2025E | 2026E | | '()%*+ | n-opq78&r | 1,503 | 2,651 | 3,596 | 4,833 | 6,004 | | | stu yoy% | ...

[Table_Finance] 重点公司基本状况 医药生物 证券研究报告 /行业月 报 2024 年 09 月 04 日 评级：增持（ 维持 ） 、 中报利空出尽，把握 Q3 基本面改善及行业催化 -医药生物 9 月月报暨 半季报总 结 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------|------------------------------ ...

Investment Rating - The report assigns a rating of "Overweight" (downgraded) to the company [2][3]. Core Views - The company has shifted its focus from scale to quality, emphasizing cash collection and achieving dual growth in sales collection and net profit. The operating cash flow has significantly improved compared to the previous year, and the expenses have decreased year-on-year [2][3]. - The company reported a revenue of 1.783 billion yuan for the first half of 2024, a year-on-year decrease of 28.17%, while the net profit attributable to the parent company was a loss of 820 million yuan, which is a narrowing of the loss compared to the previous year [2][3]. - The company is focusing on core high-quality clients, with enterprise-level clients continuing to contribute significantly to revenue [2][3]. Financial Forecast and Valuation - Revenue projections for 2024, 2025, and 2026 are 6.643 billion yuan, 7.324 billion yuan, and 8.291 billion yuan respectively, with growth rates of 3%, 10%, and 13% [2][3]. - Net profit forecasts for the same years are 137 million yuan, 292 million yuan, and 500 million yuan, with growth rates of 92%, 112%, and 71% respectively [2][3]. - Earnings per share (EPS) are projected to be 0.20 yuan, 0.43 yuan, and 0.73 yuan for 2024, 2025, and 2026 respectively [2][3]. Market Position and Strategy - The company has been recognized as a leader in the cybersecurity industry for three consecutive years, with its market share further increasing [2][3]. - The company has established a marketing system that enhances coordination between industries and regions, aiming to improve resource efficiency [2][3]. - The company is accelerating its overseas expansion, with a focus on markets in Indonesia, Oman, and Egypt [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 37.2 yuan [2]. Core Views - The company is experiencing steady revenue growth, with a focus on global expansion and increased production capacity in North America. The release of capacity in Mexico is driving sales growth in lightweight components, while intelligent electronic control systems are maintaining rapid growth [6][7]. - The company is expected to achieve a net profit of 1.16 billion yuan in 2024, with a year-on-year growth rate of 31%. The projected net profits for 2025 and 2026 are 1.52 billion yuan and 1.87 billion yuan, respectively, with growth rates of 30% and 24% [7][8]. Financial Summary - **Revenue Forecast**: - 2022A: 5,539 million yuan - 2023A: 7,474 million yuan (yoy growth: 35%) - 2024E: 9,674 million yuan (yoy growth: 29%) - 2025E: 11,796 million yuan (yoy growth: 22%) - 2026E: 14,001 million yuan (yoy growth: 19%) [2][8] - **Net Profit Forecast**: - 2022A: 699 million yuan - 2023A: 891 million yuan (yoy growth: 28%) - 2024E: 1,164 million yuan (yoy growth: 31%) - 2025E: 1,515 million yuan (yoy growth: 30%) - 2026E: 1,874 million yuan (yoy growth: 24%) [2][8] - **Earnings Per Share (EPS)**: - 2022A: 1.15 yuan - 2023A: 1.47 yuan - 2024E: 1.92 yuan - 2025E: 2.50 yuan - 2026E: 3.09 yuan [2][8] - **Valuation Ratios**: - P/E: - 2023A: 32.3 - 2024E: 25.3 - 2025E: 19.4 - 2026E: 14.9 - 2026E: 12.0 [2] - P/B: - 2023A: 5.4 - 2024E: 4.0 - 2025E: 3.4 - 2026E: 2.8 - 2026E: 2.3 [2] Market Position and Strategy - The company is advancing its globalization strategy, with production capacity in Mexico expected to ramp up significantly. The first phase of the project, capable of producing 4 million lightweight components annually, was launched in Q3 2023, while the second phase is expected to be operational by the end of 2024 [6][7]. - The company has established strong partnerships with major global OEMs, which is facilitating its entry into overseas markets for lightweight components and electronic parking brakes (EPB) [6][7].

营收承压，毛利率持续稳定提升 赛意信息（300687.SZ）/计 算机 证券研究报告/公司点评 2024 年 09 月 02 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------- ...

Investment Rating - The report assigns a positive investment rating to the company, indicating strong growth potential and favorable market conditions [1]. Core Insights - The company is projected to experience significant revenue growth, with estimates of 2,651 million in 2023, increasing to 6,004 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 34% [1]. - The earnings per share (EPS) is expected to rise from 1.29 in 2023 to 2.71 by 2026, indicating a robust growth trajectory [3]. - The report highlights a strong year-on-year growth rate of 76% in 2023, followed by a projected 36% in 2024, suggesting sustained momentum in the company's performance [1][3]. Financial Summary - Revenue projections for the company are as follows: 1,503 million in 2022, 2,651 million in 2023, 3,596 million in 2024, 4,833 million in 2025, and 6,004 million in 2026, with respective year-on-year growth rates of 47%, 76%, 36%, 34%, and 24% [1]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 15.5 in 2024 to 7.4 by 2026, indicating improving valuation metrics [3]. - The price-to-book (P/B) ratio is projected to decline from 4.3 in 2024 to 2.1 in 2026, further suggesting enhanced financial health and investor confidence [3]. Profitability Metrics - The report anticipates an increase in EBIT margins from 82% in 2023 to 22% in 2026, reflecting operational efficiency improvements [3]. - Return on equity (ROE) is expected to remain strong, with projections of 27.7% in 2024 and 27.6% in 2026, indicating effective management of shareholder equity [3]. - The report also notes a consistent increase in return on invested capital (ROIC), expected to be 35.1% in 2023 and stabilizing around 32.4% by 2026 [3].

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [5]. Core Insights - The company reported a revenue of 49.5 billion yuan for the first half of 2024, representing an 18.8% year-on-year increase, with a net profit of 2.9 billion yuan, up 38.9% year-on-year [1]. - The heavy truck segment saw rapid sales growth, with a market share increase, while profitability slightly declined due to changes in product mix [1][2]. - The light truck segment also experienced significant sales growth, benefiting from increased market share in niche areas [1]. - The company is positioned as a leader in the heavy truck industry, expected to benefit from government policies aimed at phasing out older diesel trucks, which could stimulate sales growth [1][2]. Financial Summary - Revenue is projected to grow from 85.78 billion yuan in 2023 to 103.48 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 4% [2]. - Net profit is expected to increase from 5.32 billion yuan in 2023 to 7.81 billion yuan in 2026, reflecting a CAGR of about 8% [2]. - The company's gross margin is forecasted to stabilize around 16% over the next few years, with a net profit margin increasing from 6.2% in 2023 to 7.6% in 2026 [2][3]. Market Performance - The heavy truck sales volume for the company reached 12.5 million units in the first half of 2024, a 14.8% increase year-on-year, while light truck sales increased by 14.5% [1]. - The company’s market share in the new energy heavy truck segment has improved significantly, ranking among the top three in the industry [1]. - The financial services segment reported increased revenue but experienced a decline in profitability due to rising costs [1][2].