Investment Rating - The report maintains a BUY rating for Greentown Service with a target price (TP) revised up by 3% to HK$ 6.13, reflecting a better outlook than peers, representing a 25x 2024E P/E [2][4]. Core Views - Greentown Service's revenue and core operating profit increased by 11% and 26% YoY in 1H24, respectively, driven by stable parent company support, robust third-party expansion, and a diversified value-added services (VAS) business [2][3]. - The company anticipates core operating profit growth exceeding 20% and cash growth over 15% for 2024E, indicating strong operational performance despite industry challenges [2][3]. - The net increase in managed gross floor area (GFA) from Greentown Real Estate surged 227% YoY, contrasting with a -42% decline from third parties, enhancing the company's competitive position [2][8]. Financial Performance Summary - In 1H24, Greentown Service achieved a revenue of RMB 9,068 million, a 10.6% increase YoY, and a core operating profit of RMB 893 million, reflecting a 25.8% growth YoY [7][9]. - The gross profit margin improved to 19.2%, up 0.6 percentage points YoY, while the core operating margin expanded to 9.8%, an increase of 1.2 percentage points YoY [7][9]. - The company expects a cash balance of RMB 4.3 billion by the end of 2024, anticipating a 15% YoY increase in cash on hand [2][3]. Growth Projections - Revenue is projected to grow from RMB 17,393 million in FY23A to RMB 19,364 million in FY24E, representing an 11.3% growth rate [3][11]. - Net profit is expected to rise from RMB 605.4 million in FY23A to RMB 724.6 million in FY24E, indicating a 19.7% growth [3][11]. - The company has lifted its full-year core operating profit growth guidance from over 15% to over 20% for FY24E [2][3]. Valuation Metrics - The report highlights a P/E ratio of 13.3x for FY24E, which is competitive compared to peers in the property management sector [3][15]. - The dividend yield is projected to increase from 4.5% in FY23A to 5.3% in FY24E, reflecting a commitment to returning value to shareholders [3][15].

Investment Rating - The report maintains a BUY rating for iQIYI, with a target price of US$5.00, reflecting a potential upside of 92.3% from the current price of US$2.60 [4][9]. Core Insights - iQIYI's total revenue for 2Q24 decreased by 5% YoY to RMB7.4 billion, with non-GAAP operating income down by 36% YoY to RMB501 million, attributed to intense competition in the long-form video sector [2][12]. - For 3Q24E, total revenue is expected to decline by 9% YoY to RMB7.3 billion, with non-GAAP operating profit forecasted to drop by 63% YoY to RMB335 million [2][8]. - The forecast for FY24-26E non-GAAP net income has been lowered to RMB1.7 billion, RMB2.5 billion, and RMB2.9 billion respectively, down from previous estimates of RMB2.8 billion, RMB3.3 billion, and RMB4.0 billion [2][8]. Revenue and Profitability - Membership services revenue fell by 9% YoY to RMB4.5 billion in 2Q24, primarily due to underperformance of certain drama series and competition [2][12]. - Online advertising revenue decreased by 2% YoY in 2Q24, with fewer variety shows impacting brand ad revenue, although performance-based ad revenue showed YoY growth [2][12]. - Gross margin dropped by 2.3 percentage points YoY to 23.7% in 2Q24, while non-GAAP operating margin declined by 3.4 percentage points YoY to 6.7% [2][12]. Future Outlook - iQIYI anticipates continued short-term headwinds in 3Q24E, with membership services and online ad service revenue expected to decline by 13% and 17% YoY respectively [2][8]. - The company plans to enhance content targeting the female audience, with upcoming titles expected to improve market share and revenue in the long term [2][8]. - The gross profit margin and non-GAAP operating margin are projected to decline further in 3Q24E to 21.7% and 4.6% respectively [2][8].

Investment Rating - The report initiates a "Buy" rating for Hansoh Pharmaceutical with a target price of HKD 22.06, indicating a potential upside of 28% from the current price of HKD 17.24 [2][4][12]. Core Insights - Hansoh Pharmaceutical has successfully transitioned from a traditional generic drug manufacturer to an innovative biopharmaceutical company, with innovative drug sales reaching RMB 6.87 billion in FY2023, a 37.1% year-on-year increase, accounting for 68% of total revenue [1][8][14]. - The company is expected to continue strong revenue growth driven by its innovative drug portfolio, particularly key assets like Aumolertinib (Ameile), Tenofovir Amibufenamide (Hengmu), and Pegmolesatide (Saintrolai) [1][8][14]. - Hansoh's R&D spending has increased significantly, reaching RMB 21 billion in FY2023, representing 21% of total revenue, with ongoing development of over 50 clinical trials across more than 30 innovative drug products [1][11][62]. Summary by Sections Innovative Drug Growth - Hansoh's innovative drug sales are projected to grow by 37% in FY2024, reaching RMB 9.5 billion, which will constitute 79% of total revenue [2][12][129]. - Aumolertinib is expected to maintain strong sales momentum, particularly after being included in the National Reimbursement Drug List (NRDL) for first-line non-small cell lung cancer (NSCLC) [1][17][36]. Diverse Product Pipeline - The company has a robust pipeline with significant potential in areas such as antibody-drug conjugates (ADCs), GLP-1 receptor agonists, and TYK2 inhibitors, with ongoing clinical trials for multiple indications [1][11][62]. - ADC assets like HS-20093 and HS-20089 have gained global recognition through licensing agreements with GSK, enhancing their development prospects [1][12][120]. Global Collaboration - Hansoh is actively seeking global collaboration opportunities to strengthen its product pipeline, having established various exclusive licensing partnerships with both domestic and international entities [2][12][120]. - The company aims to become a leading platform for biotechnology collaborations in China, leveraging its R&D and commercialization capabilities [2][12][120]. Financial Performance - Total revenue for FY2024 is expected to grow by 19% to RMB 12 billion, with oncology-related sales projected to increase by 25% to RMB 7.7 billion [2][12][129]. - The report anticipates organic revenue growth rates of 12% and 14% for FY2024 and FY2025, respectively, with net profit expected to reach RMB 4.1 billion in FY2024 [2][12][129].

26 Aug 2024 620,675.6 1,647.8 73.80/46.00 11399.0 股权结构 10.0% 9.0% 绝对 相对 1-mth 3-mth 6-mth 来源 ： FactSet 友邦保险集团有限公司(1299 香港) 现金回报总额超过 70 亿美元 泛亚保险公司公布了2024年1月至6月的财务结果，其中纯可比新业务价值（VNB ）增长了25%（以常设汇率计算），达到2455百万美元，超出了我们的预测和彭 博社共识的1.4%/1.4%，主要由VNB边际环比反弹4.5个百分点（以常设汇率计算 ）所驱动。 CMBI est. 在2Q24期间，相较于2Q24的2.1百分点（按持续年增长率 计算）的增加，我们看到了香港和中国大陆地区的持续利润率恢复，分别增加了8. 8百分点/6.4百分点（按持续年增长率计算），达到65.7%/56.6%在上半财年（截 至2Q24：64.3%/54.6%）。这导致了稳定的可变净保费收入（VNB）增长，分别 增长26%/36%（按持续年增长率计算），占总VNB的67%。集团经营利润（OPA T）和每股经营利润（OPAT per share）在上半财年增长了7%/ ...

Investment Rating - Maintain BUY rating with a revised target price of HKD 6.21 (down from HKD 8.51) [2][3] Core Views - CSPC Pharmaceutical reported moderate growth in 1H24, with total revenue increasing by 1.3% YoY to RMB 16.28 billion and net profit attributable to shareholders rising by 1.8% YoY to RMB 3.02 billion [1] - The company faces pricing pressure on key products like Jinyouli and Duomeisu due to the "3+N" provincial volume-based procurement policy, leading to significant price reductions [1] - New product sales targets for FY24 have been revised downward from RMB 3 billion to RMB 2 billion due to delays in hospital listings caused by regulatory challenges [2] - The company expects four assets to enter the National Reimbursement Drug List (NRDL) by the end of 2024, which could offset the decline in sales of oncology products [2] Financial Performance - In 2Q24, CSPC's revenue declined by 8.1% YoY and 20.8% QoQ to RMB 5.99 billion, while net profit attributable to shareholders increased by 42.2% YoY and 35.7% QoQ to RMB 2.19 billion [1] - Gross margin improved to 71.6% in 1H24, up from 69.9% in 1H23, driven by a higher proportion of revenue from finished drugs [1] - R&D expenses in 2Q24 reached RMB 1.37 billion, up 17.4% QoQ [1] - Sales of oncology, cardiovascular, and respiratory products declined by 30.6%, 27.0%, and 23.1% YoY, respectively, in 2Q24 [1] Product Performance - Jinyouli's price was reduced by 58.4% to RMB 666 per 3mg, while Duomeisu (10mg) and Duomeisu (20mg) saw price reductions of 10.0% and 21.8%, respectively [1] - NBP (Neurology Business Platform) performed well in 1H24, with sales of neurological products increasing by 4.2% YoY to RMB 2.53 billion, driven by strong growth in retail pharmacy channels [1] Future Outlook - CSPC expects new product sales to grow in 2H24 and 2025, with products like Mingfule (rhTNK-tPA), Duoni (Enoxaparin Liposome), and Anfulike (Amoxicillin B) contributing to growth [2] - The company anticipates that Mingfule will gain additional sales potential with the inclusion of acute ischemic stroke in the NRDL negotiations by the end of 2024 [2] - Revenue and net profit attributable to shareholders are forecasted to grow by 1.3% and 0.5% in FY24, and by 1.3% and -1.5% in FY25, respectively [2] Valuation - The DCF-based valuation has been revised downward to HKD 6.21, with a WACC of 11.78% and a terminal growth rate of 2.0% [2] - Sensitivity analysis shows a target price range of HKD 5.59 to HKD 7.13 based on varying WACC and terminal growth rate assumptions [6]

Investment Rating - The report maintains a "Buy" rating for WuXi Bio, reflecting a potential upside in the stock price despite geopolitical uncertainties [1]. Core Insights - WuXi Bio reported a revenue of RMB 8.57 billion for the first half of fiscal year 2024, representing a year-on-year growth of 1.0%. The adjusted net profit attributable to the parent company was RMB 2.25 billion, a decline of 20.7% year-on-year [1]. - The company has confirmed its full-year guidance for 2024, expecting both revenue and adjusted net profit to achieve high single-digit growth [1]. - Strong demand from overseas clients is evident, with 61 new integrated projects added in the first half of 2024, including 52 preclinical and 5 I/II clinical projects [1]. - The bioconjugate business has emerged as a significant growth driver, with WuXi XDC's revenue increasing by 68% and adjusted net profit soaring by 147% in the first half of 2024 [1]. Summary by Sections Financial Performance - Revenue for FY 2024 is projected at RMB 17.86 billion, with a year-on-year growth rate of 4.9% [2]. - Adjusted net profit for FY 2024 is estimated at RMB 4.51 billion, reflecting a decline of 4.1% year-on-year [2]. - The company’s earnings per share (adjusted) for FY 2024 is expected to be RMB 1.09, with a projected P/E ratio of 8.8x [2][8]. Market Dynamics - North America accounted for 58.4% of total revenue in the first half of 2024, with a year-on-year growth of 27.5%, primarily driven by U.S. clients [1]. - The total order backlog remained stable at USD 20.11 billion, with a 4% growth over three years [1]. Valuation - The target price has been adjusted from HKD 18.32 to HKD 13.58, indicating a potential decline of 30.6% from the current price of HKD 10.40 [2]. - The report utilizes a 10-year DCF model with a WACC of 10.95% and a terminal growth rate of 2.0% [1][9].

23 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 奥尼沃 （ 2602 香港 ）1H24 错过 ， 提高了 div 。再次支付至 100 ％ 核心净利润 Onewo 的 1H24 收益低于市场预期 ， 但该公司提高了 股息支付率从核心净利润的 30% 到 100% (55% 中期股息 + 45% 特殊 div.) ， 基于 22 日的收盘价 ， div 收益率为 9.1% 8 月假设全年没有特别股息支付。 1H24 收入增长 同比增长 9.6% ， 毛利率 （ GPM ） 收缩 1.4 个百分点至 13.6% ， 净利润 同比下降 23% 。我们的主要发现是 ： 1 ）住宅 PM 和 Bpaas 尽管行业条件充满挑战 ， 但仍为公司提供了至关重要的支持。 2)商业 PM 在 1H24 面临挑战 ， 收入增长伴随 毛利率下降 ， 主要是由于降价以吸引客户和 在疲软的经济环境中成为 AR 的主要来源。3)AIoT 收入受到开发商相关问题的严重影响 ， 短期 扩展到非开发者客户端 ， 导致 GP 和 AR 的潜在增加。4)城市服务保持盈利 ， 但将 也增加了 AR 负担。我们预计开发人员将继 ...

Investment Rating - Maintain BUY with a target price of HK$13.58, down from the previous target price of HK$18.32, indicating a potential upside of 30.6% from the current price of HK$10.40 [2][3]. Core Insights - WuXi Biologics reported a revenue of RMB8.57 billion for 1H24, reflecting a 1.0% year-over-year increase, while adjusted attributable net income decreased by 20.7% year-over-year to RMB2.25 billion [2]. - The company added 61 integrated projects in 1H24, the second-highest in its history, indicating strong demand recovery from overseas customers, particularly in North America where revenue grew by 27.5% year-over-year [2]. - The bioconjugate business, WuXi XDC, saw a significant revenue increase of 68% year-over-year in 1H24, with adjusted net profit surging by 147% year-over-year [2]. - Despite geopolitical uncertainties, management has reaffirmed its full-year guidance for 2024, expecting high-single-digit growth in both revenue and adjusted attributable net income [2]. Financial Summary - For FY24E, revenue is projected at RMB17.863 billion, with a year-over-year growth of 4.9%, while adjusted net profit is expected to decrease by 4.1% to RMB4.508 billion [3][7]. - The company’s revenue growth is forecasted to accelerate in FY25E and FY26E, with expected increases of 11.7% and 12.7% respectively [3][7]. - The adjusted EPS for FY24E is estimated at RMB1.09, with a consensus EPS of RMB0.92 for the same period [3][8]. Valuation Metrics - The adjusted P/E ratio is projected to be 8.8x for FY24E, decreasing to 7.0x by FY26E, indicating a potentially undervalued stock [3][11]. - The DCF valuation suggests a terminal value of RMB87.569 billion, with a WACC of 10.95% and a terminal growth rate of 2.0% [9].

23 Aug 2024 CMB International Global Markets | Equity Research | Company Update Onewo (2602 HK) | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

23 Aug 2024 CMB International Global Markets | Equity Research | Company Update CSPC Pharmaceutical (1093 HK) HK) Legacy products faced pricing pressures Moderate growth in 1H24. In 1H24, CSPC's total revenue increased by 1.3% YoY to RMB16.28bn and the attributable net profit increased by 1.8% YoY to RMB3.02bn, accounting for 46% and 45% of our previous full-year estimates. For 2Q24, the total revenue was RMB5.99bn (-8.1% YoY, -20.8% QoQ) and the attributable net profit was RMB2.19bn (+42.2% YoY, +35.7% QoQ ...