Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 12 months [1]. Core Insights - The company reported a net profit of 420 million RMB for 1H24, a year-over-year decrease of 18%, while the non-deducted net profit increased by 46% to 410 million RMB [1]. - Total revenue for 1H24 reached 2.98 billion RMB, reflecting a year-over-year growth of 0.4%, with payment business revenue showing positive growth [1]. - The company’s payment transaction volume (GPV) was 21.5 trillion RMB, a year-over-year decline of 5.3%, but the net fee rate improved, indicating better profitability [1]. - The company is focusing on AI empowerment and expanding overseas payment services, which are expected to drive future growth [1]. Financial Performance Summary - For 1H24, the company’s revenue breakdown included payment services at 2.63 billion RMB (up 3.7% YoY), technology services at 170 million RMB (down 16.9% YoY), and other businesses at 180 million RMB (down 20.1% YoY) [1]. - The company’s investment income significantly declined to 20 million RMB, a year-over-year drop of 92.3%, primarily due to losses from joint ventures [1]. - Cost control measures were effective, with sales, management, and R&D expense ratios showing slight improvements [1]. Future Projections - The company is projected to achieve total revenue of 6.14 billion RMB in 2024, with a year-over-year growth of 3.35%, and a net profit of 740 million RMB, reflecting a growth of 61.65% [2]. - EPS is expected to rise from 0.59 RMB in 2023 to 0.92 RMB in 2024, indicating strong earnings growth [2]. - The company’s ROE is forecasted to improve from 12.21% in 2023 to 17.75% in 2024, showcasing enhanced profitability [2]. Market Position and Strategy - The company is expanding its merchant base and enhancing its digital payment products, which are expected to drive growth in small and medium-sized enterprises [1]. - The company has made significant advancements in AI technology, which is being integrated into merchant services to improve operational efficiency [1]. - The company is also actively exploring international payment business opportunities, with a focus on building a robust external card acceptance network [1].

宏 观 研 究 2024.08.10 | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-----------|-----------------------------|-----------------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

宏 观 研 究 2024.08.09 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------------|---------|----------------------------------------------------------------------|------------|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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宏 观 研 究 2024.08.09 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|---------------------------------------------|-----------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | 每 | 日 | 宏 | 观 动 | 态 | | | | | | | | | 方 | 正 | 证 | 券 | 宏观政策追踪日报 ——2024 年 8 月 研 究 所 证 | 9 日 券 研 究 | 报 告 | | | | | | 分析师 芦哲 登记编号：S1220523120001 逆回购：8 月 9 日以固定利率、数量招标方式开展了 129 亿元 7 天期逆回购 操作，操作利率 1.70%，与之前持平。数据显示，当日 11.7 亿元逆回购到 期。 潘京 登记编号：S1220523120 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [2][5]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 6.5 billion and 7.3 billion RMB for the first half of 2024, representing a year-on-year increase of 377.49% to 436.26% [3][4]. - The significant growth in net profit is driven by the performance of the Tank brand and increased exports, with a notable improvement in the sales structure domestically [4]. - The company has successfully expanded its global market presence, exporting to over 170 countries and establishing a sales network of more than 1,000 outlets [4]. Financial Performance Summary - For Q2 2024, the company anticipates a net profit of 3.27 billion to 4.07 billion RMB, reflecting a year-on-year increase of 175.5% to 243% [4]. - The expected net profit for 2024 is projected to be between 12.19 billion and 14.35 billion RMB, with corresponding PE ratios of 18, 15, and 13 for the years 2024 to 2026 [5][6]. - The company’s total revenue is forecasted to grow from 225.22 billion RMB in 2024 to 286.19 billion RMB in 2026, with a compound annual growth rate of approximately 8.80% [6][7]. Sales and Market Expansion - In Q2 2024, the company sold 284,000 vehicles, a decrease of 4.9% year-on-year but an increase of 3.3% quarter-on-quarter, with Tank sales reaching 67,000 units, up 96.2% year-on-year [4]. - The export volume increased significantly, with 109,000 units sold abroad, marking a year-on-year growth of 51.1% [4]. - The company is actively pursuing a global strategy, with new models launched in international markets, contributing to a diversified revenue stream [4].

本次会议前面向方证证券的专业投资机构客户或收邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会议不得交流敏感内幕信息未经方证证券事先书面许可任何机构或个人严禁录音、制作纪要、转发、转载、传播、复制、编辑、修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 尊敬的各位投资者朋友晚上好欢迎参加方振研究所7月金股电话会议我是方振电子的分析师钟琳方振研究所始终致力于为投资者提供优质服务每月与大家分享最新研究成果及标的的建议6月方振金股组合平均收益率高于沪深300 4.13%部分个股获得显著的超额收益 七月有哪些值得关注的标的呢这些标的的核心逻辑与风险点分别是什么马上为大家带来七月金股组合及行业经验分享敬请各位领导收听首先容我介绍七月金股名单及发言的分析师方振电子中林推荐力讯精密方振计算机首席张初晨推荐中科曙光 方振汽车首席文基推荐福耀玻璃方振军工新兴产业联系首席刘明阳推荐中航光电方振军工机械首席李鲁进推荐三一重工方振交运首席周如飞推荐中原海控方振金属新材料首席张明磊推荐图南股份方振医药许瑞推荐三诺生物 方正家电吴慧迪推荐美帝集团方正社福清宫首席李真尼推荐永义股份下面由 ...

本次会议前面向方正证券的专业投资机构客户或收邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会议不得交流敏感内幕信息未经方正证券事先书面许可任何机构或个人严禁录音、制作纪要、转发、转载、传播、复制、编辑、修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 谢谢 那尊敬的各位投资人大家周末晚上好我是方正地产的刘青海今天呢我们看到克尔瑞公布了我们看到各大房企的销售情况我看下来的话这个数据其实表现的是超出之前的这个预期的同比其实我看到这个降幅在收窄然后呢这个有些企业央国企甚至兰越是有这个增长的情况 那么我们也非常荣幸的邀请到了克尔瑞研究中心的副总经理杨克伟杨总为我们做一个深入解读然后呢后面还有一个交流提问环节啊首先我们先请杨总给我们解读谢谢啊好的各位投资人啊刘总大家晚上好呃今天呢主要还是跟大家交流一下这个刚刚过去的这个六月份啊六六月份的这样的一个房企的销售销售的一个情况以及我们克尔瑞监测的重点城市的 新房二手房土地市场的一个表现希望能从多维度让大家对于当前房地产市场的一个整体情况有一个把握首先正如刘总刚才提到的整个六月份的一个百强房企的一个销售表现来说是有一个超预期的这 ...

地产瑞新政后6月楼市表现如何？ ...

行 业 研 究 2024.06.20 电 子 行 业 专 题 报 告 模拟芯片库存拐点已至，AI 拉动电源相关需求 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 原厂+渠道携手控制库存，拐点已至。库存方面，本轮周期下行期中，模拟 郑震湘 登记编号：S1220523080004 芯片原厂携手分销商、汽车Tier 1厂商一同控制库存，已取得一定成效。 TI表示国内工业库存去化已经接近尾声；ADI本季度库存去化近1亿美元， 佘凌星 登记编号：S1220523070005 预期下季度库存将进一步优化；瑞萨表示渠道长期库存已经趋于稳定；NXP 的分销渠道库存成效显著，已控制在 1.6 个月。我们认为随着下游需求逐 步复苏，模拟芯片库存将趋于正常。 行 业 评 级 :推 荐 工业需求强劲复苏，AI芯片功率提升拉动电源相关需求。需求方面，ADI表 行 业 信 息 示强劲的PMI数据支撑了工业领域持续的订单，这有助于库存的不断消化， 上市公司总家数 511 工业行业将于下个季度重回增长。MPS看到了 AI 需求强劲，在积极备货主 总股本(亿股) 5,485.32 动增加库存。算力芯片功率相较于传统 CPU 高出 ...