Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Viewpoints - The company achieved a strong revenue growth of 39.52 billion RMB in H1 2024, representing a 46.3% increase, slightly exceeding expectations [4]. - The forecast for revenue from 2024 to 2026 has been adjusted to 80.73 billion, 105.14 billion, and 131.75 billion RMB respectively, up from previous estimates [4]. - The company is expected to reach EBITDA breakeven by 2025, driven by the rapid commercialization of innovative products [4]. - The product revenue saw a significant increase of 55.1% in H1 2024, with key products like Sintilimab generating 2.40 billion USD in revenue [4]. - The company has a strong cash position of 101.12 billion RMB, ensuring long-term development [4]. Financial Summary - Revenue for 2021A was 4,270 million RMB, increasing to 6,206 million RMB in 2023A, with a projected growth to 8,073 million RMB in 2024E [1]. - Net profit improved from a loss of 3,138 million RMB in 2021A to a projected loss of 624 million RMB in 2024E, with a return to profitability expected in 2025E [1]. - The adjusted gross margin for H1 2024 was 84.1%, reflecting a 1.8 percentage point increase [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.06 CNY per share, corresponding to a PE ratio of 28.71x and a PB ratio of 1.34x [4][6]. Core Insights - The company has actively seized investment opportunities in the fixed income market, resulting in a significant year-on-year increase in net investment income, which has driven better-than-expected performance. The asset management business is strategically positioning itself in actively managed equity funds, supported by policy initiatives to enhance performance [3][4]. Financial Performance Summary - For the first half of 2024, the company reported revenue and net profit attributable to shareholders of 8.571 billion CNY and 2.111 billion CNY, respectively, reflecting a year-on-year change of -1.42% and +11.04% [4]. - The weighted average ROE increased by 0.22 percentage points to 2.66%, outperforming expectations [4]. - The company has adjusted its earnings per share (EPS) forecasts for 2024-2026 to 0.42 CNY, 0.43 CNY, and 0.45 CNY, respectively, up from previous estimates of 0.33 CNY, 0.37 CNY, and 0.40 CNY [4]. Investment Business Performance - The net income from investment business increased by 33.56% year-on-year to 2.491 billion CNY, contributing 80.98% to the adjusted revenue growth. This growth is attributed to the company's proactive engagement in the fixed income market, with an investment yield increase of 0.19 percentage points to 1.26% [4]. - The company's financial asset scale grew by 2.17% compared to the end of 2023, reaching 200.014 billion CNY, further boosting investment income [4]. Cost Management and Risk Mitigation - The company has effectively controlled business costs, with business and management expenses decreasing by 8.97% to 3.240 billion CNY. Credit impairment losses have significantly reduced by 67.3% to 312 million CNY, contributing to improved performance [4]. Strategic Positioning - In the context of strong policy support for the development of equity public funds, the company's asset management business is strategically expanding into actively managed equity funds, which is expected to enhance performance. The new policies emphasize the development of equity public funds and improving the investment research capabilities of fund companies [4].

股 票 研 究 云南能投 2024 年半年报点评 市场电价同比上行，新投项目盈利优异 云南能投(002053) [Table_Industry] 电力/公用事业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|--------|-------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | 分析师 ) | 汪玥 ( | 研究助理 | | ) | | | | | | 021-38031730 | 021-38038670 | | 021-38031030 | | | | | | | | yuhongguang025906@gtjas.co m | sunhuixian026739@gtjas.com | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 9.53 CNY, down from the previous forecast of 10.25 CNY [2][4]. Core Views - The company's performance exceeded expectations, confirming the logic of internal team reforms and operational benefits. The expansion of tiered customers in the second half of the year is promising [3][4]. Summary by Sections Earnings Forecast - The earnings forecast for 2024-2026 has been raised, with expected EPS of 0.64, 0.74, and 0.84 CNY respectively, up from previous estimates of 0.61, 0.71, and 0.80 CNY [4]. Revenue Growth - The company reported significant revenue growth, with overseas and domestic revenue growth rates of 54.53% and 20.81% respectively for H1 2024. The self-owned brand revenue is expected to grow by approximately 20% year-on-year in Q2 2024, with the overseas SIGG brand growing over 20% [4]. Profitability - The gross margin for Q2 2024 was 31.7%, an increase of 0.7 percentage points year-on-year and 4.0 percentage points quarter-on-quarter. The net profit margin attributable to the parent company was 11.6%, up 2.9 percentage points year-on-year and 6.2 percentage points quarter-on-quarter [4]. Cost Management - The company has managed to dilute expenses through scale effects, with sales, management, R&D, and financial expenses at 8.3%, 6.3%, 4.0%, and -2.0% respectively, showing a year-on-year decrease [4]. Internal Reforms - The strong performance in Q2 2024 validates the benefits of internal team reforms implemented from 2021 to 2023, including organizational optimization and the establishment of a professional management system [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][3] - The target price is set at 31.39 CNY, unchanged from the previous forecast [4][3] Core Insights - The company's "high-end cost-performance" strategy is leading to improved profitability during the off-season, validating its self-supply chain logic [2] - The company achieved a revenue of 5.075 billion CNY in H1 2024, representing a year-on-year increase of 75.39%, with a net profit of 290 million CNY, up 88.57% [3] - The overall gross margin increased by 3.2 percentage points to 21.9% in Q2 2024, indicating the effectiveness of the company's supply chain strategy [3] Financial Performance - H1 2024 revenue by channel showed significant growth: Douyin (+180.7%), Tmall (+28.3%), JD (+20.3%), and offline distribution (over 100%) [3] - The company expects continued strong growth in short video channels, particularly Douyin, and an increase in e-commerce market share [3] - The company reported a net profit margin improvement of 2.5 percentage points year-on-year to -1.3% in Q2 2024 [3] Product and Channel Strategy - The company is adapting its distribution to match products with channels, with new product launches and a focus on optimizing sales incentives for distributors [3] - The introduction of 105 new SKUs and the organization of five distributor co-creation meetings since August are expected to validate the company's distribution logic [3]

Investment Rating - Maintains an "Overweight" rating for the company [2] Core Views - The company's capital expenditure has significantly decreased, leading to a substantial year-on-year decline in BOT construction revenue, resulting in fluctuations in the 2024 interim performance [4] - Operations remain stable, with water treatment business volume and prices increasing [4] - High dividend payout ratio with stable dividend distribution [4] Financial Performance - 2024 H1 revenue: 11.309 billion RMB, down 6% year-on-year [4] - 2024 H1 net profit attributable to shareholders: 1.122 billion RMB, down 18% year-on-year [4] - Construction service revenue: 1.642 billion RMB, down 49% year-on-year [4] - Operating income from sewage and water supply services showed steady growth [4] Water Treatment Business - Total water treatment design capacity: 44 million tons/day as of H1 2024 [4] - Sewage: 24.84 million tons/day - Water supply: 14.34 million tons/day - Recycled water: 4.52 million tons/day - Seawater desalination: 0.3 million tons/day - Sewage treatment volume increased by 5% year-on-year [4] - Average sewage treatment contract price: 1.51 RMB/ton, slightly up from 1.49 RMB/ton in 2023 [4] - Sewage treatment gross margin improved by 2 percentage points to 59% [4] - Water supply volume increased by 4% year-on-year [4] - Average water supply contract price: 2.16 RMB/ton, slightly up from 2.15 RMB/ton in 2023 [4] - Water supply gross margin decreased by 4 percentage points to 43% [4] BOT Construction - BOT construction revenue: 1.258 billion RMB, down 57% year-on-year [4] - Focus on light-asset projects, reducing investment in BOT water projects [4] Capital Expenditure and Dividends - 2024 H1 capital expenditure: 1.573 billion RMB, significantly down from 3.618 billion RMB in the same period last year [4] - Interim dividend: 0.07 HKD per share, same as last year, with a cash dividend payout ratio of 60% [4] - Trailing twelve-month (TTM) dividend yield: 7.04% [4] Market Data - Current price: 2.23 HKD [5] - 52-week price range: 1.50-2.78 HKD [5] - Current shares outstanding: 10,047 million [5] - Current market capitalization: 22,404 million HKD [5] Financial Forecast - 2024-2026 forecasted net profit: 1.966 billion, 2.040 billion, and 2.150 billion RMB respectively [4] - 2024-2026 forecasted EPS: 0.20, 0.20, and 0.21 RMB respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][3][4]. Core Views - The company's performance is expected to grow steadily due to external environment improvements and ongoing strategic optimizations, despite facing temporary pressure on distribution and retail growth [2]. - The company achieved revenue of 37.786 billion yuan in H1 2024, a decrease of 1.57%, and a net profit of 743 million yuan, down 10.45% [3]. - The report has adjusted the EPS forecast for 2024-2026 to 2.98, 3.33, and 3.73 yuan, respectively, and has lowered the target price to 30.99 yuan [3]. Financial Summary - In H1 2024, the distribution business generated revenue of 27.079 billion yuan, an increase of 2.11%, while net profit was 5.23 billion yuan, a decrease of 1.48% [3]. - The retail segment, represented by Guoda Pharmacy, reported revenue of 11.2 billion yuan in H1 2024, down 9.3%, with a significant decline in net profit to -14 million yuan [3]. - The company is focusing on improving operational quality and profitability through strategic optimizations in both distribution and retail sectors [3]. Future Outlook - The company anticipates steady growth in retail revenue as sales of cold medicines stabilize and the number of coordinated stores increases [3]. - The financial forecasts indicate a gradual increase in total revenue from 80.003 billion yuan in 2024E to 93.184 billion yuan in 2026E, with net profit expected to rise from 1.656 billion yuan to 2.078 billion yuan over the same period [4][10].

| --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——甬矽电子半年度业绩点评 [table_Authors] 舒迪(分析师) 文越(分析师) 021-38676666 shudi@gtjas.com 登记编号S0880521070002 | --- | |------------------------| | | | | | | | 021-38038032 | | wenyue029694@gtjas.com | | S0880524050001 | 本报告导读： 公司发布半年度业绩报告，受下游复苏信号显著，公司稼动率回暖，规模效应逐步 凸显，公司利润水平扭亏为盈，大幅提升。跟随先进封装放量，公司长期发展可期。 投资要点： 股票研究 /[Table_Date] 2024.08.29 公司大幅扭亏为盈，先进封装放量可期 甬矽电子(688362) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | |--------------------------------|------------|-------| ...

Investment Rating - The report maintains an "Accumulate" rating for Wuliangye (000858.SZ) with a target price of 168.74 CNY, unchanged from the previous forecast [4][10]. Core Views - The company continues to achieve double-digit growth in Q2 2024, with performance in line with expectations. The main brand shows stable performance, and the structure of strong aroma liquor is upgrading. The company has successfully controlled volume while maintaining prices, and the product matrix is gradually improving, ensuring the annual growth target is achievable [2][10]. Financial Summary - For H1 2024, Wuliangye reported revenue of 50.648 billion CNY, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 19.057 billion CNY, up 11.9%. Q2 2024 revenue grew by 10.1%, and net profit increased by 11.5%, continuing the trend of double-digit growth [10]. - The gross margin for Q2 2024 was 75.0%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 31.7%, up 0.4 percentage points year-on-year. The increase in gross margin was attributed to higher promotional expenses due to channel costs and red envelope distributions [10]. - Cash flow remains strong, with sales cash receipts in Q2 2024 reaching 27.88 billion CNY, a year-on-year increase of 93%. As of the end of Q2 2024, contract liabilities amounted to 8.16 billion CNY, up 31.1% from Q1 2024 and 45.1% year-on-year [10]. Product and Channel Performance - In H1 2024, Wuliangye's main product, Wuliangye liquor, generated revenue of 39.2 billion CNY, a year-on-year increase of 11% (volume +12%, price -1%). The gross margin for this product was 86.69%, slightly down by 0.1 percentage points year-on-year. The company expects continued growth in its 1618 and low-alcohol products [10]. - Revenue from other liquors reached 7.9 billion CNY, up 18% year-on-year (volume -24%, price +55%), with a gross margin of 62.23%, an increase of 1.6 percentage points year-on-year, mainly due to the optimization of strong aroma liquor structure and an increase in the proportion of mid-to-high-end products [10]. - The company has been actively expanding its product matrix, launching upgraded versions of its products and enhancing its brand value across various price segments [10].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.94 per share, corresponding to a P/B ratio of 0.66 for 2024 [5]. Core Views - The company's net profit attributable to shareholders for the first half of 2024 increased by 14.1% year-on-year to RMB 22.687 billion, primarily driven by improved underwriting profits, while the decline in investment profits narrowed significantly [4][5]. - The report highlights a robust growth in property insurance premiums, with a year-on-year increase of 3.7% to RMB 311.996 billion in H1 2024, and a notable improvement in underwriting profitability in Q2 compared to Q1 [5]. - The life insurance new business value (NBV) exceeded expectations, showing a year-on-year growth of 91.0% in H1 2024, driven by significant improvements in new business value rates [5]. Summary by Sections Financial Performance - The total investment income for H1 2024 was RMB 29.064 billion, reflecting a year-on-year decline of 7.7% [5]. - The company declared an interim dividend of RMB 0.063 per share, indicating an increase in dividend frequency [5]. Property Insurance - The combined ratio (COR) for H1 2024 was 96.2%, a slight increase of 0.4 percentage points year-on-year, but showed significant improvement in Q2 with a COR of 94.7% [5]. - The loss ratio increased by 1.2 percentage points to 70.1%, while the expense ratio improved by 0.8 percentage points to 26.1% [5]. Life Insurance - The NBV for life insurance in H1 2024 was significantly boosted by a 5.5 percentage point improvement in new business value rates, reaching 11.3% [5]. - The contribution from individual insurance and bancassurance NBV grew by 45.5% and 44.7% respectively [5]. Market Outlook - Catalysts for future performance include better-than-expected natural disaster outcomes in the second half and a recovery in capital markets [5].