27 Aug 2024 CMB International Global Markets | Equity Research | Company Update Jiumaojiu (9922 HK) Transforming despite tough macro backdrop HOLD (Maintain) The 1H24 results were inline but the underlying was slightly positive (e.g. resilient GP margin, as well as the restaurant-level OP margin). We agree that both Tai Er and Song are making loads of efforts to transform, but under such a tough industry and macro environment, we would not be able to turn positive, unless we can really see a compelling impr ...

27 Aug 2024 PDD Holdings (PDD US) 27 Aug 2024 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|-------|-----------------|-------|-------|-------------------|-------|-------------|----------------|---------| | RMB bn | 2024E | Current 2025E | 2026E | 2024E | Consensus 2025E | 2026E | 2024E | Diff (%) 2025E | 2026E | | Revenue 413.0 544.5 678.3 | | | | 419.9 | 551.9 | | 678.9 -1 ...

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].