股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 [table_Authors] 朱丽江(分析师) 010-83939785 zhulijiang@gtjas.com 登记编号 S0880523060002 本报告导读： 公司收入端仍有承压，内部收入结构有所改善，利润端亏损显著收窄，降本增效成 果显著，下游需求呈现改善趋势，AI 化有望带动业务超预期发展。 投资要点： [Table_Summary] 维持"增持"评级，维持目标价 3.23 元。维持盈利预测，预计 2024- 2026 年公司营收分别为 16.67、17.91、19.64 亿元，维持目标价 3.23 元，对应 2024 年 3.75 倍 PS，维持"增持"评级。 收入端仍有承压，利润端亏损显著收窄。2024 年上半年，公司实现 营收 7.27 亿元，同比小幅下降 5.73%，实现归母净利润-1.15 亿元， 亏损幅度同比收窄 64.32%，收入端仍有一定承压，利润端亏损显著 收窄，符合市场 ...

Investment Rating - Maintains an "Overweight" rating with a target price of HKD 4.41 [2] Core Views - The company's overall revenue remains stable, with net profit doubling year-over-year [2] - Cloud services have become the primary growth driver, with significant contributions to revenue and profit [2] - Intelligent upgrades are expected to drive business development beyond expectations [2] Financial Performance - Revenue for H1 2024 reached RMB 4.165 billion, a 1.03% YoY increase [2] - Net profit attributable to shareholders surged to RMB 106 million, a 114.66% YoY growth [2] - Cloud services revenue grew 36.01% YoY to RMB 980 million, accounting for 23.67% of total revenue [2] - Enterprise management software revenue increased 7.43% YoY to RMB 1.202 billion, representing 29.02% of total revenue [2] - IoT business revenue declined 13.21% YoY to RMB 1.959 billion [2] - Gross margin improved to 22.02%, up 1.55 percentage points YoY [2] Business Development - The company has made significant investments in intelligent ERP and PaaS platform products [2] - Launched 6 new products and achieved breakthroughs in 9 new technologies [2] - Introduced the iGIX7.0 PaaS platform and the Haoyue Large Model 2.0, enhancing product automation capabilities [2] Market Data - Current stock price: HKD 2.75 [4] - 52-week price range: HKD 1.67 - 4.36 [4] - Current market capitalization: HKD 3.14 billion [4] Financial Projections - Revenue for 2024E is projected at RMB 10.005 billion, a 20.57% YoY increase [3] - Net profit for 2024E is expected to reach RMB 337.53 million, a 67.40% YoY increase [3] - PE ratio for 2024E is estimated at 10.57 [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4]. Core Insights - The company is optimizing its store network structure and is expected to restart store openings, with profitability continuing to improve [4]. - The projected net profit for 2024 and 2025 has been adjusted downwards to 2.12 billion and 2.53 billion RMB respectively, with a new forecast for 2026 net profit at 3.12 billion RMB, corresponding to PE ratios of 29, 25, and 20 for 2024-2026 [4]. - In the first half of 2024, the company reported revenue of 26.65 billion RMB, a year-on-year decrease of 3.5%, while gross profit was 6.09 billion RMB, an increase of 5.3%, resulting in a gross margin of 22.8%, up 1.9 percentage points year-on-year [4]. Summary by Sections Store Network Optimization - The company is adjusting its offline store network and expanding online sales channels, with a total of 9,660 stores as of the first half of 2024, a decrease of 2.6% year-on-year [4]. - The company plans to open approximately 200 new market stores in 2024 and has optimized existing rural stores to better meet consumer needs [4]. Product Structure and Profitability - The gross margin reached 22.8% in the first half of 2024, an increase of 1.9 percentage points year-on-year, driven by enhanced bargaining power with suppliers and effective cost control [4]. - The company is shifting from a food supermarket model to a community central kitchen model, focusing on high-margin products [4].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's short-term performance is under pressure due to the optimization of direct-operated stores, but the light asset model is expected to drive future growth [5]. - The company has adjusted its net profit forecasts for 2024-2026 to RMB 154 million (-0.72), RMB 177 million (-1.26), and RMB 217 million (-1.46), with corresponding PE ratios of 12x, 11x, and 9x [5]. - The company's H1 2024 revenue was RMB 441 million, down 37.8% year-on-year, with a net profit of RMB 70 million, down 55.8% year-on-year [5]. Summary by Sections Store Network and Sales Performance - As of H1 2024, the total number of stores is 537, a decrease of 17.8% year-on-year, with 187 direct-operated stores (down 63.7%) and 67 franchised taverns (down 51.4%) [5]. - Same-store sales decreased by 28.6%, with average daily sales of RMB 7,500 for direct-operated and franchised taverns (down 8.5%) and RMB 5,400 for partner taverns [5]. Strategic Initiatives - In July 2024, the company launched a new strategy called "Community New Life," with a minimum investment of RMB 400,000 for community space stores, aiming for a payback period of 12-18 months [5]. - The company plans to open new stores in Los Angeles, Thailand, Vietnam, Indonesia, and Malaysia by the end of 2024 or early 2025 to enhance its global presence [5].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is actively promoting product structure optimization and significantly improving gross margins despite facing pressure from a weak consumption environment and intensified industry competition [3][9] - The company has adjusted its 2024-2026 EPS forecast to 0.26, 0.30, and 0.35 CNY, down from the previous estimates of 0.32, 0.36, and 0.41 CNY, respectively, and has lowered the target price to 8.32 CNY from 10.16 CNY while maintaining the "Buy" rating [9][12] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.021 billion CNY, a decrease of 14.2%, and a net profit attributable to shareholders of 88 million CNY, an increase of 3.7%. The net profit excluding non-recurring items was 69 million CNY, down 6.5% [9] - For Q2 2024, the company reported revenue of 2.176 billion CNY, down 17.1%, and a net profit of -8 million CNY, down 59.1% [9] Market Dynamics - The life paper industry is experiencing high product homogeneity, leading to increased competition and revenue decline for the company. The domestic revenue was 3.906 billion CNY, down 14.9%, while overseas revenue was 11 million CNY, up 20.4% [9] - The company is expanding its non-traditional sales channels, including e-commerce and community group buying, to capture more market share [9] Product and Margin Improvement - The company is focusing on high-end, high-margin products, which has led to a significant increase in gross margin to 32.83%, up 4.4 percentage points in H1 2024 [9] - The sales expense ratio increased to 21.53%, up 1.53 percentage points, while the net profit margin improved to 2.16%, up 0.4 percentage points [9] Valuation - The company is compared with peers, and a target price of 8.32 CNY is set based on a 32x PE ratio for 2024, reflecting its position as a leading player in the domestic life paper market [12]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 股票研究 /[Table_Date] 2024.09.08 ——24 年半年报业绩点评 | --- | |-----------------------------------| | | | | | | | [table_Authors] 庞钧文 ( 分析师 ) | | 021-38674703 | | pangjunwen@gtjas.com | | 登记编号 S0880517120001 | | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | | | | | | | | 周奥铮 ( 分析师 ) | | | | | | | 010-83939782 | | | | | | | zhouaozheng026728@gtjas.co m | | | | | | | S0880524080014 | ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's H1 2024 performance met expectations, with rapid growth in overseas orders, benefiting from high demand for overseas power equipment [4]. - The EPS forecasts for 2024 and 2025 have been adjusted downwards to 1.39 and 2.09 CNY respectively, with a new forecast for 2026 set at 2.74 CNY [4]. - The target price remains at 43.37 CNY, reflecting the continued high demand for power equipment exports [4]. Financial Performance Summary - For H1 2024, the company achieved revenue of 2.916 billion CNY, a year-on-year increase of 0.79%, and a net profit attributable to shareholders of 222 million CNY, up 16.43% year-on-year [4]. - The company’s overseas sales revenue for the first half of 2024 reached 790 million CNY, representing a year-on-year growth of 48.5%, with a backlog of overseas orders amounting to 2.85 billion CNY, up 180.2% year-on-year [4]. - Domestic sales revenue for the same period was 2.11 billion CNY, down 10.0% year-on-year, with a backlog of domestic orders at 3.71 billion CNY, down 8.0% year-on-year [4]. Financial Forecasts - Revenue projections for the next few years are as follows: 2024E at 7.123 billion CNY, 2025E at 9.084 billion CNY, and 2026E at 11.132 billion CNY, with respective growth rates of 6.8%, 27.5%, and 22.5% [5]. - Net profit forecasts are set at 637 million CNY for 2024E, 954 million CNY for 2025E, and 1.252 billion CNY for 2026E, with growth rates of 26.3%, 49.7%, and 31.2% respectively [5]. Market Data - The company's current share price is 30.85 CNY, with a target price of 43.37 CNY indicating significant upside potential [3][4]. - The total market capitalization is approximately 14.112 billion CNY [7].

Investment Rating - The report maintains an "Accumulate" rating for BYD [2][7] - The target price is adjusted to 298.75 CNY from the previous 271.28 CNY [2][7] Core Insights - BYD's sales in August reached a record high, with new models and overseas expansion driving growth [6][7] - The company is positioned as a leader in the new energy vehicle sector, with strong performance expected amid industry consolidation [7] - Financial performance for the first half of 2024 met expectations, with significant year-on-year growth in revenue and net profit [7] Financial Summary - Revenue for 2024 is projected to be 711.2 billion CNY, reflecting a 18.1% increase from 2023 [6][7] - Net profit attributable to shareholders is expected to reach 34.76 billion CNY in 2024, up 15.7% from 2023 [6][7] - The company achieved a revenue of 301.13 billion CNY in the first half of 2024, a year-on-year increase of 15.8% [7] - The gross margin for Q2 2024 was 18.69%, down from 21.88% in Q1 2024 [7] Sales Performance - In August 2024, BYD sold 373,083 vehicles, a year-on-year increase of 36.0% [7] - Cumulative sales from January to August 2024 reached 2,328,449 vehicles, up 29.9% year-on-year [7] - The company’s overseas sales in August accounted for 8.4% of total sales, with significant exports to various countries [7] Competitive Positioning - The introduction of the fifth-generation DMI hybrid technology is expected to enhance BYD's competitiveness in the hybrid market [7] - New models launched, such as the Summer and Leopard 8, are anticipated to expand the company's market reach [7] - The company is actively pursuing high-end market segments and international expansion, which is expected to unlock further growth potential [7]

| --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——春秋航空更新报告 [table_Authors] 岳鑫(分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 yuexin@gtjas.com yinjiaqi@gtjas.com 登记编号S0880514030006 S0880524030004 本报告导读： 公司 2024 年盈利继续领跑行业且再创历史同期新高，充分展现廉航优势。十四五公 司把握机遇优化航网，且积极恢复机队周转，将驱动盈利继续增长。 投资要点： 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.09.08 Q2 盈利再创新高，展现廉航优势 春秋航空(601021) [Table_Industry] 运输/工业 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 67.84 上次预测: 67.84 [当前价格： Table_Cu ...

Investment Rating - The report rates the motorcycle industry as "Overweight" [2] Core Insights - The export market is a major growth driver for the Chinese motorcycle industry, with domestic brands beginning to expand globally, particularly in the mid-to-large displacement motorcycle segment [3][4] - In 2023, China sold 12.85 million fuel two-wheel motorcycles, with exports reaching 7.88 million units, a year-on-year increase of 9.5%, accounting for 61% of total sales [4][7] - The report highlights the potential for Chinese motorcycle brands to increase their global market share, which currently stands at only 13.7%, significantly lower than Japanese and Indian manufacturers [4][33] Summary by Sections 1. Export as a Key Component of the Chinese Motorcycle Industry - Exports accounted for over half of China's motorcycle sales, with a notable increase in the export ratio from 61% in 2023 to 68.4% in the first seven months of 2024 [7][4] 2. Global Motorcycle Market Overview - The global motorcycle market saw a total sales volume of 62.5 million units in 2023, with a growth of 2.6% year-on-year [4][12] - Emerging markets, particularly in Southeast Asia and Latin America, continue to show strong growth, with sales in ASEAN reaching 14.7 million units in 2023, up 3.6% [12][14] 3. Dominance of Japanese Manufacturers - Japanese manufacturers, particularly Honda, dominate the global motorcycle market, with Honda's sales reaching 18.82 million units in 2023, accounting for about one-third of the global market share [26][28] 4. Acceleration of Chinese Brands Going Global - The report emphasizes the acceleration of Chinese motorcycle brands entering international markets, with a focus on mid-to-large displacement motorcycles (over 250cc), which saw a 66% increase in export growth in the first seven months of 2024 [4][36] - The average export price for mid-to-large displacement motorcycles reached $2,415 in 2024, indicating a shift towards higher quality and higher price products [4][36] 5. Investment Recommendations - The report recommends investing in leading domestic motorcycle manufacturers such as Changan Power, Longxin General, and Qianjiang Motorcycle, which are expected to benefit from the growing export market and brand recognition [4][36]