Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved positive growth in both revenue and net profit in the first half of 2024, slightly exceeding expectations, while maintaining stable asset quality [4] - The company implemented its first interim dividend with an increased payout ratio, raising the target price to 7.85 CNY, corresponding to a 0.62 times price-to-book ratio for 2024 [5] - The report adjusts the net profit growth forecasts for 2024-2026 to 2.6%, 4.0%, and 6.2%, respectively, with corresponding book value per share (BVPS) estimates of 12.60 CNY, 13.76 CNY, and 14.74 CNY [5] Summary by Sections Financial Performance - The company reported a revenue of 26,793 million CNY for 2024E, with a growth rate of 1.4% [12] - The net profit attributable to the parent company is projected to be 12,456 million CNY for 2024E, reflecting a growth of 2.6% [12] - The core tier 1 capital adequacy ratio stands at 14.68%, indicating a solid capital position [5] Dividend Policy - The company has increased its dividend payout ratio from 30% to 33%, with an expected dividend yield increase of 0.6 percentage points to 6.3% [5] Asset Quality - The non-performing loan (NPL) ratio improved slightly to 0.97% as of Q2 2024, with a provision coverage ratio of 372% [5] - The company has seen a marginal improvement in asset quality, although retail and real estate sectors still face pressure [5] Market Position - Approximately 95% of the company's loans are concentrated in the Shanghai area, with a focus on differentiated advantages in technology innovation, inclusive finance, and retail banking [5] - The company has strategically deepened its presence in suburban areas, positioning itself for differentiated competition against peers [5]

股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.05 ——制药板块 2024 年中报总结 板块分化，创新龙头改善趋势凸显 [Table_Industry] 医药 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-----------------------------------|----------------------------|----------------------------| | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 甘坛焕 ( 分析师 ) | 唐玉青 ( 研究助理 ) | | | 0755-23976735 | 021-38675855 | 021-38031031 | | | dingdan@gtjas.com | gantanhuan028803@gtjas.com | tangyuqing028689@gtjas.com | | 登记编号 | S0880514030001 | S0880523080007 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's performance is below expectations due to macroeconomic fluctuations affecting direct store performance and an extended ramp-up period for newly opened stores. The EPS estimates for 2024, 2025, and 2026 have been revised down to 0.35, 0.40, and 0.47 yuan respectively, reflecting decreases of -0.27, -0.50, and -0.71 yuan [2] - Despite the challenges, the company is in a rapid growth phase with new store openings significantly outpacing other hotel groups, indicating potential for leapfrog growth. The target price has been adjusted down to 18.80 yuan, which is above the industry average PE of 47x for 2025, maintaining a "Buy" rating [2][3] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 331 million yuan, a year-on-year increase of 49.75%, while the net profit attributable to shareholders was 13.70 million yuan, a decrease of 31.82%. The net profit after deducting non-recurring items was 13.74 million yuan, down 25.54% [2] - In Q2 2024, the company reported revenue of 170 million yuan, up 36.32% year-on-year, but the net profit attributable to shareholders was only 904 thousand yuan, down 43.51% [2] - The RevPAR for direct stores in Q2 2024 was 313.8 yuan, down 10.5%, with an occupancy rate of 65.09%, a decrease of 8.19 percentage points [2] Store Expansion and Market Dynamics - The company opened 8 new direct stores, contributing to revenue growth, but the ramp-up period for these new stores is longer than anticipated due to low business travel demand [2] - The company is focusing on improving efficiency to enhance the contribution from new store openings [2] - The high base effect, sluggish business travel demand, and the pricing pressure on mid-to-high-end positioning have significantly impacted the company's performance, leading to a noticeable decline in gross margin [2] Financial Forecasts - Revenue is projected to grow from 534 million yuan in 2023 to 667 million yuan in 2024, reflecting a growth rate of 24.9%. The net profit attributable to shareholders is expected to increase from 31 million yuan in 2023 to 68 million yuan in 2024, representing a growth of 124% [8] - The company’s EPS is forecasted to rise from 0.16 yuan in 2023 to 0.35 yuan in 2024, with a projected PE ratio of 46.16 based on the current price [10][11]

Investment Rating - The investment rating for the company is "Buy" [4] - The target price is set at 14.45 CNY, down from the previous forecast of 19.90 CNY [4] Core Insights - The company's performance is in line with expectations, with continuous improvement in operational efficiency and accelerated store expansion, which is expected to steadily release profits through increased store numbers and refined operations [2] - The company reported a revenue of 3.733 billion CNY for the first half of 2024, representing a 3.46% increase year-on-year, and a net profit attributable to shareholders of 357 million CNY, up 27.49% [9] - The company has reduced its earnings per share (EPS) estimates for 2024, 2025, and 2026 to 0.76, 0.85, and 0.94 CNY respectively, reflecting a downward adjustment due to macroeconomic fluctuations affecting business travel demand [9] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 3.733 billion CNY, with a net profit of 357 million CNY, and a net profit excluding non-recurring items of 323 million CNY [9] - In Q2 2024, revenue was 1.888 billion CNY, down 3.33% quarter-on-quarter, with a net profit of 237 million CNY, an increase of 18.51% [9] - The company’s RevPAR (Revenue per Available Room) decreased by 6% in Q2 2024, with an Average Daily Rate (ADR) decline of 3.8% and an occupancy rate (OCC) decrease of 1.6 percentage points [9] Operational Efficiency - The company has seen a significant improvement in operational efficiency, with a reduction in sales expense ratio by 0.9 percentage points and management efficiency improvements [9] - The core brand accelerated its store openings, with 169 new stores opened in the latest quarter, the highest since 2021, indicating a strong expansion strategy [9] Market Position - The company is positioned as an industry leader, and despite market valuation adjustments due to cyclical downturns, it is expected to maintain a valuation above the industry average with a projected 17x PE for 2025 [9] - The overall market sentiment towards the company has been cautious, but operational improvements and store expansion are expected to positively impact short-term performance and valuation [9]

Investment Rating - The report rates the pharmaceutical manufacturing industry as "Buy" and the pharmaceutical services industry as "Buy" [3][4]. Core Insights - The CXO and API sectors are expected to see performance improvements in the second half of 2024, following a period of pressure in the first half [4][5]. - The report highlights a positive trend in new orders for CXO, while the API sector is nearing the end of its destocking cycle, indicating potential for sequential profit recovery [4][5]. Summary by Sections CXO Sector - The CXO sector experienced revenue of 431.6 billion yuan in 2024H1, a year-on-year decrease of 10%, with a net profit of 69.7 billion yuan, down 31% [5][12]. - New order trends are improving, with major companies like WuXi AppTec reporting an order backlog of 431 billion USD, a 33.2% increase when excluding specific commercial orders [15][17]. - The demand side shows a significant increase in overseas financing, with 131.9 billion USD in 2024H1, up 16% year-on-year, while domestic financing remains under pressure [7][10]. API Sector - The API sector reported revenues of 564.7 billion yuan in 2024H1, a slight decline of 2% year-on-year, but net profit increased by 11% to 6.2 billion yuan [36][37]. - The destocking cycle is nearing completion, with profitability expected to improve gradually as product prices stabilize [38][44]. - Key players are focusing on integrated operations across intermediates, APIs, and formulations, enhancing competitive positioning in the market [38][44]. Investment Recommendations - Recommended stocks in the API sector include Xianju Pharmaceutical, Pro Pharmaceutical, and Huahai Pharmaceutical, while in the CXO sector, companies like Tigermed and Kanglong Chemical are highlighted [5][36]. - Catalysts for growth include unexpected demand in end products, easing price competition, and improvements in financing conditions [5][36].

股 票 研 究 公 司 更 新 报 告 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 股票研究 /[Table_Date] 2024.09.05 [table_Authors] 朱丽江(分析师) 010-83939785 zhulijiang@gtjas.com 登记编号 S0880523060002 本报告导读： 公司营收稳健增长，净利润阶段性承压，核心业务保持了快速增长，成长动能更加 多元，持续推动 AI 大模型的研发及商用落地，未来有望实现超预期发展。 投资要点： [Table_Summary] 维持"增持"评级，维持目标价 57.65 元。维持盈利预测，预计 2024- 2026 年公司 EPS 分别为 0.39、0.43、0.57 元，维持目标价 57.65 元， 对应 2024 年 148 倍 PE，维持"增持"评级。 公司营收稳健增长，净利润阶段性承压。公司发布中报，2024 年上 半年实现营收 93.25 亿元，同比增长 18.91%，实现归母净利润-4.70 亿元，同比下降 644.59 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook on the sector's performance [4][5]. Core Insights - Tesla is expected to launch its Full Self-Driving (FSD) system in China and Europe by Q1 2025, which will accelerate the development of the domestic intelligent driving industry and enhance product capabilities, benefiting both intelligent driving manufacturers and Tesla's supply chain [3][4]. - The introduction of FSD in China is anticipated to replicate the "catfish effect" seen with the electric vehicle market, promoting the industrialization of the domestic intelligent driving sector and supporting local manufacturers and suppliers [4]. - The report highlights that the domestic high-level intelligent driving features are expected to see rapid growth, with 945,000 vehicles equipped with Navigation on Autopilot (NOA) functions by 2023, including 707,000 for highway NOA and 238,000 for urban NOA [4]. Summary by Relevant Sections Investment Recommendations - Recommended companies include: - Jianghuai Automobile - Changan Automobile - Desay SV - Kobot - Xingyu Co., Ltd. - Top Group - Xinquan Co., Ltd. - Shuanghuan Transmission - Yinlun [4][7]. Event Summary - On September 5, Tesla announced its roadmap for FSD, which is pending regulatory approval. The FSD system is expected to undergo continuous upgrades, enhancing its capabilities and potentially increasing Tesla's sales in China [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - In Q2 2024, despite the increase in tungsten concentrate prices, the company's overall gross profit still achieved growth, indicating an improvement in performance compared to the previous quarter. Future profit is expected to continue improving with the injection of the Shizhuo Mine and a recovery in manufacturing demand, leading to increased tool sales [3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of 147 million yuan, a year-on-year decrease of 39.30%. In Q2 2024, the net profit was 80 million yuan, down 41.62% year-on-year but up 30.16% quarter-on-quarter [4]. - The company adjusted its earnings per share (EPS) forecasts for 2024-2026 to 0.29, 0.41, and 0.51 yuan respectively, reflecting a downward adjustment of 0.11, 0.07, and 0.04 yuan [4]. - The company’s hard alloy product profits declined in H1 2024, with rising R&D and financial expenses contributing to the profit drop. The overall gross profit decreased by approximately 51 million yuan compared to H1 2023 [4]. Market Position and Product Development - The company remains a leader in the tool industry, with a hard alloy production volume of nearly 7,200 tons in H1 2024, maintaining the world's top position. The domestic market share of the "Diamond" brand hard alloy is close to 30%, and the production of CNC blades exceeded 60 million pieces, with a year-on-year increase of over 20% [4]. - The company has developed new coating drill bits suitable for ultra-small diameter packaging substrates and aluminum alloys, achieving a leading technical level domestically. Additionally, high-strength tungsten wire for photovoltaic applications has entered mass production [4]. Price and Valuation - The target price has been adjusted to 9.02 yuan from the previous 12.65 yuan, based on a 22x PE for 2025, considering the company's leading position in CNC/PCB tool production technology [4][5].

Investment Rating - The report maintains a "Buy" rating for SenseTime-W (0020) with a target price of HKD 2.25 [1][3]. Core Insights - The company achieved steady growth in the first half of 2024, driven by significant growth in its generative AI business, which has become a key growth driver. The smart automotive business is also experiencing rapid growth and is expected to exceed expectations [3]. - The report forecasts revenues of RMB 45.76 billion, RMB 60.05 billion, and RMB 77.06 billion for 2024, 2025, and 2026 respectively, maintaining the target price of HKD 2.25, which corresponds to a 15.16x price-to-sales ratio for 2024 [3]. - In the first half of 2024, the company reported revenue of RMB 18.49 billion, a year-on-year increase of 29.04%, and a net loss attributable to shareholders of RMB 24.57 billion, with the loss margin reduced by 21.33% [3]. Financial Summary - The company's revenue for 2024 is projected to be RMB 45.76 billion, with a growth rate of 34% compared to 2023. The gross profit is expected to be RMB 1.968 billion, with a net loss of RMB 4.538 billion [4]. - The generative AI business generated revenue of RMB 10.51 billion in the first half of 2024, a substantial year-on-year increase of 255.7%, accounting for 60.4% of total revenue, up 39.8 percentage points year-on-year [3]. - The smart automotive business achieved revenue of RMB 1.68 billion in the first half of 2024, a year-on-year increase of 100.4%, with a revenue share of 9.7%, up 3.8 percentage points year-on-year [3].

Investment Rating - The report rates the home furnishing industry as "Overweight" [2][7]. Core Viewpoints - The home furnishing industry is currently facing short-term pressure on performance due to weaker downstream demand recovery, but leading companies are expected to maintain market share through a comprehensive product layout and multi-brand strategy, with performance likely to improve as demand recovers [2][7]. Summary by Sections 1. Investment Recommendations - The home furnishing industry is under pressure from weaker-than-expected downstream demand recovery, but leading companies are expected to maintain market share and achieve stable growth post-recovery. Recommended companies include Kuka Home, Oppein Home, Sophia, Minhua Holdings, ZBOM Home, Mousse Holdings, and Xilinmen [2][7]. 2. Downstream Demand Weakness and Policy Effects - Overall terminal sales remain weak, with housing completion area from January to July 2024 down 21.80% year-on-year, and residential sales area down 21.10%. However, recent policy measures aimed at boosting housing consumption are expected to gradually stabilize the market and improve home furnishing sales [9][14]. 3. Performance Differentiation in the Sector - The home furnishing sector's revenue and profits are under pressure, with Q2 2024 revenue down 3.9% year-on-year and net profit down 11.9%. Companies are increasing marketing expenditures to drive sales, but the effectiveness of these efforts has been weak, impacting profitability [18][19]. 4. Product Expansion and Channel Innovation - Companies are diversifying their customer base and expanding product categories. For instance, Sophia and Golden Home have seen significant growth in their bulk business, while others are optimizing their customer structures by targeting non-residential sectors like hospitals and schools [20][22]. 5. Custom and Soft Home Furnishing Performance - Custom home furnishing is directly impacted by real estate sales, while soft home furnishing has shown resilience due to domestic renewal and overseas demand recovery. The latter is expected to continue contributing positively to performance as overseas markets recover [21][24]. 6. Cash Flow and Profitability Challenges - The overall cash flow of home furnishing companies has declined due to revenue pressures, with companies facing challenges in managing costs related to materials, taxes, and project guarantees [18][19].