Investment Rating - The investment rating for the company is "Buy" with a target price of 23.00 CNY, down from a previous forecast of 28.43 CNY [4][13]. Core Views - The company is expected to outperform the industry due to the rapid growth of its brand and new products, despite a slow recovery in demand and intense market competition [4][19]. - The company's H1 2024 revenue was 4.729 billion CNY, a year-on-year decrease of 4.16%, with a net profit of 759 million CNY, down 8.48% year-on-year [15][19]. - The company plans to distribute a cash dividend of 5 CNY per 10 shares, totaling 472 million CNY, which represents 62% of its H1 2024 net profit [19]. Summary by Sections 1. Investment Recommendation - The report suggests a "Buy" rating based on the company's potential for revenue growth and market positioning [4][13]. 2. Performance Overview - In H1 2024, the company reported a revenue of 4.729 billion CNY, a decrease of 4.16% year-on-year, and a net profit of 759 million CNY, down 8.48% year-on-year [15][19]. 3. Revenue Analysis - The company's brand "Mingqi" showed strong performance with a revenue increase of 40% year-on-year in H1 2024. Traditional products like range hoods and gas stoves performed better than integrated stoves [16][19]. 4. Profitability Metrics - The gross margin for H1 2024 was 48.88%, down 3.05 percentage points year-on-year, while the net margin was 15.84%, down 0.85 percentage points year-on-year [17][19]. 5. Balance Sheet and Cash Flow - As of H1 2024, the company had cash and cash equivalents plus trading financial assets totaling 3.699 billion CNY, with inventory at 1.399 billion CNY [18][19]. 6. Dividend Policy - The company announced a cash dividend of 5 CNY per 10 shares, which is aimed at enhancing shareholder returns and boosting market confidence [19].

Investment Rating - The report maintains a rating of "Accumulate" for the company [3][9]. Core Views - The company is currently facing short-term challenges due to weak downstream dining demand and intensified competition, leading to a slowdown in growth, but profitability remains relatively stable. In the medium to long term, with the recovery of the dining sector and the company's strengthened competitive advantages in customized products and services, a return to growth is expected [1][9]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 892 million yuan, a year-on-year increase of 4.87%, and a net profit attributable to the parent company of 59 million yuan, up 6.14% year-on-year. The second quarter of 2024 saw revenue of 429 million yuan, a year-on-year increase of 1.65%, and a net profit of 25 million yuan, down 3.36% year-on-year [9][10]. - The company's gross margin for Q2 2024 increased by 2.4 percentage points to 25.0%, primarily due to improved raw material costs [9]. Customer and Product Insights - In H1 2024, revenue growth varied by product category: dishes and others (+18.99%), baking (-8.34%), fried products (-4.26%), and steaming (+32.40%). The growth in steaming and dishes was mainly driven by market expansion in group dining scenarios [9]. - The company has continued to expand its customer base, with the number of major customers increasing by 21.09% year-on-year to 178 [9]. Earnings Forecast - The EPS forecasts for 2024-2026 have been revised down to 1.48 yuan (-0.23), 1.71 yuan (-0.42), and 2.08 yuan (-0.54) respectively, reflecting the weaker downstream demand and increased competition [9][10]. - The target price has been adjusted to 34.1 yuan based on a 23X PE for 2024, considering the company's strong medium to long-term growth potential [9].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The report highlights stable revenue growth in the first half of the year, with a high dividend payout ratio of 97.8%. The company achieved a revenue of 380 million yuan, a year-on-year increase of 12%, with mobile smart terminals and intelligent driving contributing 330 million yuan and 43 million yuan respectively, growing by 6.4% and 93% [10] - The company is accelerating the promotion of technology and models in its mobile business, while also increasing R&D and targeted collaborations in its intelligent driving segment. The AIGC commercial photography business is rapidly implementing a new business model [3][10] Summary by Sections Financial Performance - The company reported a net profit of 61 million yuan in the first half of 2024, a 23% increase year-on-year, with the second quarter net profit reaching 27 million yuan, up 25% [10] - The operating cash flow for the first half of 2024 was -65 million yuan, a negative shift due to some customers prepaying sales from the previous year [10] - The company plans to maintain its target price at 37.82 yuan and forecasts EPS for 2024-2026 to be 0.36, 0.48, and 0.60 yuan respectively [10] Business Segments - In the mobile smart terminal segment, the company is promoting its Turbo Fusion technology across more high-end models and optimizing its engine for mid- to low-end models. The technology has also been extended to video applications, gaining recognition from several key clients [10] - The intelligent driving business is expected to see rapid revenue growth from previously targeted models, with plans to expand the range of models covered in the second half of the year. The company is also advancing its 3D AVM and monitoring algorithms, which have been adopted by new production models [10] R&D and Innovation - R&D expenses for the first half of 2024 were 194 million yuan, an 18% increase year-on-year, with an R&D expense ratio of 50.9%, reflecting continued investment in the automotive business [10] - The company launched its PSAI video generation feature three months ago, becoming a leader in the domestic commercial photography sector, and plans to expand its presence on international e-commerce platforms [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.16 RMB, unchanged from the previous rating [4] Core Views - The company's performance in the first half of 2024 met expectations, with significant growth in overseas revenue driven by international clients, new national standards, and domestic client capacity shifts [2] - Revenue and profitability improved, with 24H1 revenue, net profit, and non-GAAP net profit reaching 2.61 billion RMB, 0.68 billion RMB, and 0.53 billion RMB, up 31%, 95%, and 133% YoY respectively [9] - Gross margin and net margin for 24H1 were 42.09% and 25.43%, up 1.05 and 8.94 percentage points YoY, respectively [9] - ARA product revenue grew 59% YoY, while DHA revenue increased 11% YoY, with overseas revenue surging 80% YoY [9] Financial Performance - 24H1 revenue and net profit were 2.61 billion RMB and 0.68 billion RMB, up 31% and 95% YoY, respectively [9] - Q2 revenue and net profit were 1.44 billion RMB and 0.44 billion RMB, up 30% and 112% YoY, respectively [9] - Gross margin and net margin for Q2 were 43.39% and 29.66%, up 0.23 and 12.32 percentage points YoY, respectively [9] - The company's total market capitalization is 2,447 million RMB, with a current price of 14.54 RMB [4][5] Business Highlights - Overseas revenue growth was driven by the expiration of DSM's global patents in 2023H1, leading to increased demand from international clients such as Danone and Nestlé [9] - Domestic revenue grew 10% YoY, supported by capacity utilization improvements and new client acquisitions [9] - The company's HMO raw materials have been approved in China, with potential for future growth in both domestic and international markets [9] - The company is leveraging synthetic biology to develop high-value products, including HMOs, carotenoids, and personal care functional ingredients, positioning itself as a platform-based nutrition and care raw material provider [9] Financial Forecast - Revenue is expected to grow from 568 million RMB in 2024E to 802 million RMB in 2026E, with a CAGR of 18.8% [10] - Net profit is projected to increase from 141 million RMB in 2024E to 194 million RMB in 2026E, with a CAGR of 17.2% [10] - EPS is forecasted to rise from 0.84 RMB in 2024E to 1.16 RMB in 2026E [10] - ROE is expected to improve from 9.0% in 2024E to 10.8% in 2026E [10]

海 外 公 司 （ 中 国 香 港 ） ——东方甄选 FY2024 业绩点评 | --- | --- | --- | |----------|---------------------|------------------------------| | | 刘越男(分析师) | 庄子童(分析师) | | | 021-38677706 | 021-38032683 | | | liuyuenan@gtjas.com | zhuangzitong026312@gtjas.com | | 登记编号 | S0880516030003 | S0880524070002 | 本报告导读： 业绩符合预期，其中客单价略超预期，员工薪资增加对利润率有所拖累。 股票研究 /[Table_Date] 2024.08.27 业绩符合预期，关注平台延展及客单走势 东方甄选(1797) [Table_Industry] 教育产业 [Table_Invest] 评级： 增持 [当前价格 Table_CurPrice] (港元)： 11.56 [Table_Market] 交易数据 | --- | --- | |-------------- ...

股票研究 /[Table_Date] 2024.08.28 ——海尔智家 2024H1 中报业绩点评 | --- | --- | --- | --- | |----------|----------------------------|----------------------|--------------------| | | 蔡雯娟(分析师) | 谢丛睿(分析师) | 樊夏俐(分析师) | | | 021-38031654 | 021-38038437 | 021-38676666 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | fanxiali@gtjas.com | | 登记编号 | S0880521050002 | S0880523090004 | S0880523090006 | | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Tabl ...

Investment Rating - The report maintains an "Accumulate" rating and lowers the target price to HKD 22.34 per share, corresponding to a P/B of 1.6 times for 2024 [5]. Core Views - The company's net profit attributable to shareholders for the first half of 2024 decreased by 75.0% year-on-year, impacted by declines in both underwriting and investment income [4][5]. - The main driver for premium growth is the digital life segment, while the company is actively reducing its consumer finance business due to profitability concerns [5]. Summary by Sections Financial Performance - For 24H1, the net profit attributable to shareholders was RMB 0.55 billion, down 75.0% year-on-year, affected by a decline in underwriting profit and investment income [5]. - Underwriting profit was RMB 3.1 billion, down 39.9% year-on-year, with a combined ratio of 97.9%, an increase of 2.1 percentage points, primarily due to a rise in the loss ratio to 60.7% [5][12]. - Investment income for 24H1 was RMB 6.2 billion, down 14.2% year-on-year, mainly due to fluctuations in the equity market [5][12]. Premium Income Breakdown - Total premium income for 24H1 was RMB 152.38 billion, an increase of 5.4% year-on-year [5][12]. - The health ecosystem premium income was RMB 45.4 billion, down 9.6% year-on-year, while the digital life ecosystem saw premium income of RMB 74.1 billion, up 27.0% year-on-year [5][12]. - The consumer finance ecosystem reported premium income of RMB 21.84 billion, down 21.6% year-on-year, reflecting a strategic contraction in business scale [5][12]. Technology and Banking Performance - Technology output revenue grew by 65.5% year-on-year to RMB 4.42 billion, driven by an increase in domestic clients and overseas digital transformation needs [5][12]. - The virtual bank's net income was HKD 2.55 billion, up 45.9% year-on-year, with the net loss rate narrowing to 42.9% [5][12]. Market Outlook - The report suggests that a recovery in the capital market could act as a catalyst for future performance [5].

Investment Rating - The report maintains a rating of "Buy" for Anta Sports [2][4]. Core Views - Anta Sports' H1 performance exceeded expectations, with plans to repurchase shares worth up to HKD 10 billion [4]. - The company expects to continue growth above industry levels in H2, leading to an upward revision of net profit forecasts for 2024-2026 [4]. Financial Summary - H1 revenue reached CNY 33.74 billion, a year-on-year increase of 13.8% [4]. - Excluding Amer, net profit was CNY 6.16 billion, up 17% year-on-year [4]. - Gross margin improved to 64.1%, an increase of 0.8 percentage points [4]. - Operating profit margin remained stable at 25.7% [4]. Brand Performance - Main brand revenue grew by 13.5% in H1, totaling CNY 16.08 billion, driven by product matrix optimization and channel refinement [4]. - FILA's H1 revenue was CNY 13.06 billion, up 6.8%, with a gross margin of 70.2% [4]. - Other brands saw significant growth, with revenue of CNY 4.6 billion, a 41.8% increase [4]. Future Expectations - The main brand's performance in July and August aligns with expectations, maintaining a forecast of double-digit growth for the year [4]. - FILA's annual revenue growth forecast has been revised down to high single digits due to pressures in the trendy and children's segments [4]. - Other brands are expected to meet initial revenue forecasts, with Descente projected to grow over 20% and KOLON over 30% [4].

Investment Rating - The report maintains a "Buy" rating for Sunshine Insurance with a target price of HKD 4.93 per share, corresponding to a 2024 P/EV of 0.50 times [2][5]. Core Insights - The company's net profit attributable to shareholders for the first half of 2024 increased by 8.6% year-on-year, primarily driven by improved investment income [4][5]. - The embedded value (EV) grew rapidly, with a year-to-date increase of 8.2%, supported by strong new business value (NBV) growth and operational improvements [5]. - The NBV for the first half of 2024 exceeded expectations, with a year-on-year growth of 39.9%, driven by significant improvements in channel quality and individual insurance [5]. Financial Performance Summary - The annualized total investment return rate for the first half of 2024 was 3.6%, an increase of 0.1 percentage points year-on-year [5]. - The company reported a net profit of RMB 4.666 billion for 2024E, reflecting a 25.2% increase compared to the previous year [8]. - The company's operating revenue is projected to grow from RMB 59.9 billion in 2023 to RMB 63.883 billion in 2024E, representing a 6.6% increase [8]. Business Growth and Quality - The individual insurance NBV grew by 47.8% year-on-year, with new individual insurance policies increasing by 15.7% [5]. - The company achieved a 12.4% year-on-year growth in property insurance premiums, primarily driven by non-auto insurance segments [5]. - The persistency rates for 13 and 25 months improved by 3.7 percentage points and 4.2 percentage points, reaching 96.4% and 89.8%, respectively [5].

Investment Rating - The report maintains a "Buy" rating for Longbai Group [3][4]. Core Views - The company's Q2 2024 performance met expectations, with significant resource and cost advantages. The ongoing Fengyuan technical transformation project and the new vanadium and scandium materials industrial park project are progressing well [3]. - Due to the EU's anti-dumping measures suppressing titanium dioxide prices, the EPS estimates for 2024-2026 have been revised down to 1.46, 1.88, and 2.36 CNY respectively, from previous estimates of 1.70, 1.89, and 2.37 CNY. The target price has been adjusted to 20.75 CNY, corresponding to a PE of 14.17X for 2024, down from 23.68 CNY [3][4]. Financial Performance - In H1 2024, the company achieved revenue of 13.8 billion CNY, a year-on-year increase of 4.09%, and a net profit attributable to shareholders of 1.721 billion CNY, up 36.40% year-on-year. In Q2 alone, revenue was 6.51 billion CNY, a year-on-year increase of 3.59% but a quarter-on-quarter decrease of 10.75%. The net profit for Q2 was 770 million CNY, up 12.85% year-on-year but down 19.00% quarter-on-quarter [3]. - The gross margin for H1 2024 was 27.59%, an increase of 2.41 percentage points year-on-year, while the net profit margin was 12.41%, up 2.31 percentage points year-on-year. For Q2 2024, the gross margin was 26.75%, down 0.75 percentage points year-on-year and 1.60 percentage points quarter-on-quarter [3]. Industry Insights - The titanium dioxide industry in China had an operating rate of approximately 77.55% in July, a slight decrease of 1.9 percentage points quarter-on-quarter. The production in July was 380,000 tons, a year-on-year increase of 32.6% [3]. - The demand side shows strong external demand, with total titanium dioxide production in China from January to July 2024 reaching approximately 2.69 million tons, a year-on-year increase of 24.1%, with exports accounting for about 42% of total production. Domestic consumption also increased, with apparent consumption of titanium dioxide at approximately 1.62 million tons, up 30.5% year-on-year [3]. Growth Projects - Longbai Group has a titanium dioxide production capacity of 1.51 million tons per year, the largest globally, supported by over 1 million tons of titanium concentrate production capacity. The Fengyuan technical transformation project is ongoing, and the company plans to invest in a new vanadium and scandium materials industrial park, which includes a 2,500 tons/year high-purity vanadium pentoxide project and a 20,000 cubic meters/year vanadium electrolyte project [3].