Investment Rating - The report maintains a BUY rating for Naura Technology with a target price of RMB405, implying a potential upside of 34.7% from the current price of RMB300.64 [2][3]. Core Insights - Naura Technology reported robust earnings for 1H24, with revenue growing 46.4% YoY to RMB12.3 billion and net profit increasing 54.5% YoY to RMB2.8 billion, aligning with the company's earnings pre-announcement [2]. - The company's gross profit margin (GPM) improved to 45.5% in 1H24, up from 41% in FY23, while net profit margin (NPM) expanded to 22.5% from 17.7% in FY23, indicating strong operational efficiency [2]. - Future growth is expected to be driven by the semiconductor localization trend, product coverage expansion, market share gains, and economies of scale [2]. Financial Performance Summary - 1H24 revenue accounted for 40% of the FY24E forecast, consistent with historical seasonality [2]. - The semiconductor equipment revenue increased by 55.1% YoY, constituting 92% of total revenue in 1H24 [2]. - The report projects total revenue of RMB30.9 billion for FY24E, reflecting a 39.7% YoY growth, and RMB39.0 billion for FY25E, indicating a 26.5% growth [2][3]. Earnings Revision - The report revises up the FY24E net profit forecast by 9% to RMB6.01 billion and maintains revenue projections at RMB30.86 billion for FY24E [6]. - Gross margin estimates for FY24E have been increased by 5.2 percentage points to 45.0% [6]. - The net profit margin is expected to reach 19.5% in FY24E, up from 17.9% in the previous estimates [6]. Valuation Metrics - The target price of RMB405 implies a valuation of 35.77x FY24E P/E, which is justified given Naura's leading position in the domestic semiconductor equipment market [2]. - The report highlights a significant improvement in return on equity (ROE), projected to reach 22.0% in FY24E, up from 17.7% in FY23 [3][9].

浙江鼎力 (603338 CH) 繁荣升降机和美国市场仍然是关键驱动因素 浙江鼎力（Dingli）在2024年第二季度的息税前利润（EBIT）增长了72%，达 到人民币612百万元，主要由收入增长34%和毛利率扩张2.6个百分点驱动。报 告净利润仅增长2%至522百万元，这主要是由于缺乏外汇收益导致的净财务收 入减少。在财报电话会议上，管理层重申了对美国市场的乐观展望，保持全年 提升式起重机销售目标为2000台不变。此外，管理层预计美国总统选举后可能 增加的关税影响是可以管理的，因为反倾销关税的减少可以减轻这一影响。我 们维持我们的盈利预测不变。保持当前评级。 BUY TP 不变 ， 为 75 元人民币(18 倍 2024E P / E ， 低于 31 倍的历史平均水平 1 SD) 。 . . 第二季度强劲的收入增长和利润率。 收入同比增长 34% ， 达到 2 元人民 币 40 亿。毛利率扩大 2 同比增6个百分点至31.8%。管理费用比率相对稳 定，保持在2.5%。净金融费用同比减少96%，降至1000万元人民币，原因 是未产生外汇收益。 景气提升仍然是增长动力。 在2024年上半年（1H24），直臂式提 ...

Investment Rating - Maintain BUY with an unchanged target price of RMB75, representing a 61.3% upside from the current price of RMB46.50 [4]. Core Insights - Zhejiang Dingli's EBIT in 2Q24 increased by 72% YoY to RMB612 million, driven by a revenue growth of 34% YoY and a gross margin expansion of 2.6 percentage points YoY [2]. - The company reported a net profit growth of only 2% YoY to RMB522 million, primarily due to a reduction in net finance income from the absence of foreign exchange gains [2]. - Management maintains a positive outlook for the US market, with a full-year sales target for boom lifts set at 2,000 units [2]. Financial Performance - Revenue for 2Q24 reached RMB2.4 billion, marking a 34% YoY increase, while gross margin expanded to 31.8% [2]. - In 1H24, revenue from boom lifts surged 58% YoY to RMB1.8 billion, accounting for 49% of total revenue from main operations [2]. - Overseas revenue grew by 50% YoY in 1H24, with North America showing the highest growth at 100% [2]. Earnings Forecast - The earnings forecast remains unchanged, with projected revenues of RMB7.569 billion for FY24, RMB8.810 billion for FY25, and RMB10.409 billion for FY26 [3]. - Net profit is expected to grow to RMB2.105 billion in FY24, RMB2.425 billion in FY25, and RMB2.870 billion in FY26 [3]. Valuation Metrics - The projected P/E ratio for FY24 is 11.2x, decreasing to 9.7x in FY25 and 8.2x in FY26 [3]. - The projected dividend yield is expected to increase from 2.5% in FY24 to 3.4% in FY26 [3]. Market Dynamics - The boom lift segment remains the key growth driver, with significant contributions from both domestic and overseas markets [2]. - Management anticipates that potential tariff increases post-US presidential election will be manageable due to the reduction of anti-dumping duties [2].

28 Aug 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Greentown Management (9979 HK) Weakening demand + intensifying competition, what is next? Greentown Mgmt's stock price plunged 32% post-1H24 earnings, partly due to the uncertainty on strategy execution among investors following the resignation of former CEO Mr. Li Jun. More importantly, the pullback was due to revenue/net profit deceleration (8%/6% YoY vs. guidance of 20%/30%), constrained by declining client p ...

28 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 绿城管理(9979 HK) 需求减弱 + 竞争加剧 ， 下一步是什么 ？ 绿地集团的股价在2024年第一季度财报公布后下跌了32%，部分原因是前CE O李先生离职后投资者对战略执行的不确定性。更为重要的是，这次回调主要 源于 收入 / 净利润 收入增速放缓（8%年对年/6%年对年，低于指导预期的20 %年对年/30%年对年），受到客户支付能力下滑和竞争加剧的限制。年对年收 入下降19%。 新合同价值 反映 土地供应减少 销售复苏缓慢 ， 挫伤了客户 的发展信心 ， 以及 由于资金不足无法启动项目。我们短期内看到房产销售快 速恢复的能见度较低，并将2024-26年的收入预期下调17%-27%，至年增长率 5%/9%/7%，利润预测下调20%-38%，至年增长率3%/9%/8%。然而，我们认 为PJM的长期需求仍然稳固，考虑到房产销售的复苏。我们将买入评级保持不 变，目标价下调41%至港币5.56元，相当于2024年市盈率的10倍。风险：应收 账款减值。 1) , 2) 3) 库存数据 Bella LI (852) 3757 6202 b ...

Investment Rating - The report maintains a BUY rating for Anta Sports, with a target price trimmed to HK$ 97.05, based on an 18x FY25E P/E [2][3]. Core Insights - The 1H24 results showed one-off gains and dividends that offset slow core profit growth, with Anta brand sales growth at 14% YoY, exceeding retail sales growth [2][7]. - The management reiterated a retail sales growth target of 10%+ for the Anta brand in FY24E, supported by various factors including a new product pipeline and rapid online sales growth [2][7]. - FILA brand's FY24E guidance has been revised down to high single digits due to sluggish sales growth and inventory management challenges [2][7]. - The report highlights a significant share buyback program of up to HK$ 10 billion over the next 18 months, which could provide downside protection for the stock [7]. Financial Summary - Revenue is projected to grow from RMB 62,356 million in FY23A to RMB 70,322 million in FY24E, reflecting a YoY growth of 12.8% [3][11]. - Net profit is expected to increase from RMB 11,277 million in FY23A to RMB 13,686.8 million in FY24E, with a YoY growth of 21.4% [3][11]. - The report indicates a net profit CAGR of 16% during FY23-26E, despite adjustments of -3% for FY24E and FY25E due to slower FILA sales growth [2][8]. Earnings Revision - The earnings estimates for FY24E and FY25E have been adjusted slightly downwards, with revenue for FY24E now at RMB 70,322 million, reflecting a 0.1% increase from the previous estimate [8][9]. - The gross profit margin is expected to be 62.7% for FY24E, slightly down from previous estimates [8][9]. - The diluted EPS for FY24E is revised to RMB 4.389, a decrease of 3.0% from earlier projections [8][9]. Operating Performance - The operating profit margin for 1H24 was reported at 30.4%, significantly higher than the previous year, driven by improved gross profit margins and effective cost management [10][12]. - The report notes a 30% drop in operating cash flow, attributed to a high base effect from 1H23, rather than a fundamental decline in business performance [7][10]. - The Anta brand's retail sales growth is projected to remain positive, with expectations of continued strong performance in the second half of FY24E [12].

Investment Rating - The report maintains a target price of HK$1.36 for SenseTime, reflecting a 15.3% upside from the current price of HK$1.18 [4]. Core Insights - SenseTime's total revenue for 1H24 grew by 21% YoY to RMB1.74 billion, with an adjusted net loss narrowing by 3% YoY to RMB2.33 billion, indicating improved net loss margin [2][3]. - The generative AI (Gen AI) business is identified as the key growth driver, with revenue increasing by 256% YoY to RMB1.05 billion, accounting for 60% of total revenue in 1H24 [2][3]. - The report anticipates total revenue growth to accelerate to 33% YoY in 2H24, driven by robust demand in the Gen AI sector [2][3]. Financial Performance Summary - Revenue projections for FY24E, FY25E, and FY26E are RMB4.36 billion, RMB5.48 billion, and RMB6.60 billion respectively, with adjusted net losses expected to be RMB3.51 billion, RMB2.52 billion, and RMB1.72 billion [3][5]. - The gross profit margin (GPM) for 1H24 was 44.1%, with expectations of a gradual decline to 38% by FY26E due to increased operational costs [2][5]. - The adjusted net margin improved by 33 percentage points YoY to -134% in 1H24, reflecting operational leverage and cost control [2][5]. Market Position and Competitive Edge - SenseTime has become the third largest AIDC service provider in China with a market share of 15.4% as of 2H23 [2]. - The company has a strong AI infrastructure with operational computing power exceeding 20,000 PetaFLOPS, expected to surpass 25,000 PetaFLOPS by the end of FY24 [2][3]. - The report highlights SenseTime's independence from direct competition with suppliers and clients, enhancing its competitive edge in the Gen AI market [2].

Investment Rating - The report reiterates a "BUY" rating for Trip.com Group (TCOM) with a target price of US$65.80, indicating a potential upside of 55.4% from the current price of US$42.34 [2][10]. Core Insights - Trip.com Group reported a net revenue of RMB12.8 billion for 2Q24, reflecting a year-over-year growth of 13.6%, which aligns with Bloomberg consensus estimates. The non-GAAP operating income was RMB4.2 billion, exceeding consensus forecasts by 6% due to effective cost control in R&D [2][3]. - The company is expected to experience resilient revenue growth driven by strong travel demand from its high-end customer base during the summer peak season, despite facing macroeconomic challenges and tougher comparisons in 3Q24 [2][3]. - The management anticipates a reacceleration in year-over-year revenue growth in 4Q24 as the impact of business adjustments diminishes and comparisons become easier [2][3]. Financial Performance Summary - For FY24E, Trip.com is projected to achieve revenue of RMB52.8 billion, representing an 18.5% year-over-year growth. The adjusted net profit is expected to reach RMB16.4 billion, with a year-over-year growth of 25.8% [3][8]. - The non-GAAP operating profit margin (OPM) for 2Q24 was reported at 33.1%, which is 1.9 percentage points higher than consensus estimates, driven by better-than-expected R&D expense ratios [2][3]. - The company achieved a gross profit margin of 81.8% for FY24E, with an operating margin of 27.5% and a non-GAAP net margin of 31.2% [8][9]. Revenue Breakdown - Domestic hotel reservations grew approximately 20% year-over-year in 2Q24, with double-digit growth continuing in 3Q24. Outbound air and hotel reservations have recovered to 110%-120% of 2019 levels, outperforming the market by 20-30% [2][3]. - Revenue from inbound travel accounted for 25% of total revenue in 2Q24, up from 20% in 1Q24, contributing approximately 2.6% to the total group-level revenue [2][3]. Future Projections - For 3Q24E, Trip.com is estimated to record revenue of RMB15.6 billion, reflecting a 13% year-over-year increase, consistent with Bloomberg consensus [2][3]. - The company expects to maintain a non-GAAP OPM of 33.1% for 3Q24E, with projections for FY25E showing continued growth in revenue and profitability [2][3].

Investment Rating - The report maintains a "BUY" rating for Ping An, with a target price (TP) unchanged at HK$52.0, implying a 0.6x FY24E P/EV [1]. Core Insights - Ping An reported resilient 1H24 results with a year-on-year (YoY) increase in new business value (NBV) of 11% to RMB 22.3 billion, surpassing forecasts by 3.6% and market consensus by 9.5% [1]. - The report anticipates a turnaround in Group operating profit after tax (OPAT) in FY24, driven by improved operating efficiency and a low base effect from the previous year [1]. - The NBV margin improved to 24.2%, reflecting a 6.5 percentage point increase YoY, indicating a focus on margin expansion rather than volume growth [1]. Summary by Sections New Business Value (NBV) - Ping An's NBV for 1H24 reached RMB 22.3 billion, an 11% increase YoY, with 2Q24 stabilizing at RMB 9.43 billion [1][3]. - The agency and bancassurance channels contributed significantly, with NBV growth of 10.8% and 17.3% YoY, respectively [1][3]. - The NBV margin increased to 24.2%, up 6.5 percentage points YoY, indicating improved profitability [1][3]. Operating Profit After Tax (OPAT) - Group OPAT declined by 0.6% YoY in 1H24, with core business lines showing a 1.7% YoY increase to RMB 79.6 billion [1]. - The report expects full-year Group OPAT to grow by 3.9% YoY, supported by stabilized life and health (L&H) OPAT and enhanced property and casualty (P&C) underwriting profit [1]. Property and Casualty (P&C) Performance - The P&C combined ratio (CoR) was 97.8% in 1H24, a slight improvement of 0.2 percentage points YoY, with a notable scale-back in high-loss guarantee business [1][10]. - P&C underwriting profits increased by 15.3% YoY to RMB 3.5 billion, driven by higher insurance revenue [1][10]. Valuation Metrics - The stock is currently trading at 0.42x FY24E P/EV and 0.61x FY24 P/BV, with a dividend yield of 7.6% and an average ROE of 12.3% over three years [1][19]. - The report highlights a positive outlook for the Group's OPAT turnaround, particularly in the asset management and technology segments [1][19].

Investment Rating - The report maintains a "Hold" rating for China Tower (788 HK) with a target price adjusted to HKD 0.95, reflecting a potential downside of 3.2% from the current price of HKD 0.98 [1][3]. Core Insights - The three major telecom operators in China have reduced capital expenditures by 5.4% in 2024, shifting their investment focus from 5G deployment to high-growth areas like cloud computing and computing power [1]. - Traditional communication business revenue growth is slowing, with China Mobile, China Unicom, and China Telecom reporting growth rates of 2.5%, 2.1%, and 4.3% respectively in the first half of 2024 [1]. - Cost control measures have led to a decrease in operating costs as a percentage of revenue for the telecom operators, which is expected to impact China Tower's traditional communication business [1]. - China Tower's traditional tower revenue is projected to grow at a modest rate of around 1% year-on-year for 2024 and 2025, while its indoor distribution and two wings businesses (Smart Connection and Energy) are expected to achieve double-digit growth [1]. Financial Summary - Revenue for FY24 is estimated at RMB 97,865 million, with a year-on-year growth of 4.1%, and projected to reach RMB 101,661 million in FY25 with a growth of 3.9% [2][7]. - Net profit for FY24 is forecasted to be RMB 10,543 million, reflecting an 8.1% increase, and is expected to grow to RMB 12,302 million in FY25, representing a 16.7% increase [2][7]. - Earnings per share (EPS) is projected to be RMB 6.03 for FY24 and RMB 7.04 for FY25, with respective growth rates of 8.1% and 16.7% [2][7]. Business Segments - Tower business accounted for 79% of China Tower's total revenue in the first half of 2024, maintaining stability with quarter-on-quarter growth rates of 1.7% and 0.3% in the first two quarters [1]. - The Smart Connection business saw a revenue increase of 17.6% year-on-year, while the Energy business grew by 2.4% in the same period, with the tower's Smart Connection revenue growing by 20.9% to RMB 2.5 billion [1].