Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 153.00 CNY, unchanged from the previous forecast [5][7]. Core Insights - The company's mid-year report shows impressive profitability, with revenue reaching 1.556 billion CNY, a year-on-year increase of 134.27%, and a net profit attributable to shareholders of 654 million CNY, up 177.20% year-on-year [6][7]. - The report highlights the recovery of equity in Tianfu Star and the commencement of operations at its overseas base, which is expected to contribute positively to future performance [6][7]. - The company anticipates stable growth in its 800G products and is preparing for the upcoming demand for 1.6T products, with production capacity being expanded in response to market needs [6][7]. Financial Summary - The company forecasts net profits for 2024, 2025, and 2026 to be 1.554 billion CNY, 3.142 billion CNY, and 3.421 billion CNY respectively, with corresponding EPS of 2.81 CNY, 5.67 CNY, and 6.18 CNY [7][8]. - The financial summary indicates a significant increase in revenue and net profit over the years, with projected revenue for 2024 expected to reach 3.9 billion CNY, representing a growth of 101.2% from 2023 [8][16]. - The report also notes a strong gross margin of 59.77% and a net margin of 45.58% for Q2, reflecting the company's robust profitability [7][8].

Investment Rating - The report maintains a "Buy" rating for Jinbo Biotech with a target price of 214.20 CNY, up from the previous target of 204.32 CNY [2] Core Views - Q2 2024 performance showed explosive growth, with revenue and net profit reaching the upper limit of previous forecasts [6] - Core product Weiyimei is accelerating its market penetration, driving rapid growth in both revenue and profitability [7] - The company's gross margin increased by 2.43 percentage points to 91.58% in H1 2024, driven by the rapid expansion of high-margin single-material medical devices [7] - Jinbo Biotech's net profit margin surged by 16.96 percentage points to 51.34% in H1 2024, with Q2 net margin reaching 55.16% [7] Financial Performance - H1 2024 revenue reached 603 million CNY, up 91% YoY, with Q2 revenue at 377 million CNY, up 100% YoY [7] - Net profit attributable to shareholders in H1 2024 was 310 million CNY, up 183% YoY, with Q2 net profit at 208 million CNY, up 213% YoY [7] - The medical device segment contributed 531 million CNY in H1 2024, accounting for 88% of total revenue, with a gross margin of 94.43% [7] - Functional skincare segment revenue grew 54% YoY to 48 million CNY, with a gross margin of 64.76% [7] Business Segments - Single-material medical devices revenue grew 105% YoY to 479 million CNY in H1 2024, with a gross margin of 96.21% [7] - Composite material medical devices revenue increased 20% YoY to 52 million CNY, with a gross margin of 78.00% [7] - Raw materials and other segments saw a 180% YoY revenue growth to 24 million CNY, with gross margin improving by 18.32 percentage points to 83.03% [7] Growth Drivers - Weiyimei's rapid market expansion, now covering approximately 3,000 terminal medical institutions [7] - Successful expansion of raw material business to downstream customers including L'Oréal and Pechoin [7] - Rich pipeline of Class III medical devices under development, spanning gynecology, surgery, and urology applications [7] Financial Forecasts - 2024E revenue is projected at 1,379 million CNY, up 76.7% YoY, with net profit expected to reach 632 million CNY, up 110.7% YoY [8] - 2025E revenue is forecasted at 1,880 million CNY, up 36.4% YoY, with net profit projected at 885 million CNY, up 40.2% YoY [8] - 2026E revenue is estimated at 2,278 million CNY, up 21.1% YoY, with net profit expected to reach 1,108 million CNY, up 25.1% YoY [8] Valuation Metrics - Current P/E ratio stands at 25.23x for 2024E, expected to decrease to 17.99x in 2025E and 14.38x in 2026E [8] - P/B ratio is projected at 10.50x for 2024E, decreasing to 6.91x in 2025E and 4.83x in 2026E [8] - ROE is forecasted to reach 41.6% in 2024E, maintaining above 30% through 2026E [8]

Investment Rating - The report maintains a rating of "Buy" for the company [5]. Core Views - The company experienced a 7.6% year-on-year increase in waste disposal volume in H1 2024, indicating stable operations. Capital expenditure was reduced to HKD 460 million, and net cash flow from operating activities improved to HKD 613 million [4][5]. - The report highlights a significant decline in revenue and net profit for H1 2024, with revenue at HKD 2.13 billion (down 28.5% year-on-year) and net profit at HKD 445 million (down 27.1% year-on-year). This decline is attributed to the absence of new construction projects, which previously contributed HKD 999 million in revenue in the same period last year [5]. - The gross profit margin improved to 48.5%, up 10.5 percentage points year-on-year, primarily due to the exclusion of low-margin construction revenue and an increase in the proportion of high-margin electricity sales and waste treatment operations [5]. - The company’s debt-to-asset ratio decreased by 1.1 percentage points to 63.2%, and the total borrowing cost for H1 2024 was HKD 347 million, an increase of 4.8% year-on-year, indicating potential for reduced financial expenses in the future [5]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of HKD 2.13 billion, a decrease of 28.5% year-on-year, and a net profit of HKD 445 million, down 27.1% year-on-year. The decline is mainly due to the lack of new construction revenue [5]. - The gross profit margin was reported at 48.5%, reflecting a significant improvement due to a shift towards higher-margin services [5]. - The company’s capital expenditure for H1 2024 was HKD 460 million, down from HKD 1.1 billion in the same period last year, indicating a reduction in capital spending [5]. Operational Highlights - The company’s waste disposal volume increased by 7.6% year-on-year to 8.7 million tons in H1 2024, demonstrating stable operational performance [5]. - Core business revenues from electricity sales, waste treatment fees, and sanitation services totaled HKD 2.04 billion, up 7.9% year-on-year [5]. Strategic Developments - The report mentions that Hanlan Environment plans to privatize and acquire the company, which could enhance operational synergies and expand market presence [5].

Investment Rating - The investment rating for the company is "Buy" [3][15]. Core Views - The company's non-recurring profit continues to grow, and it has initiated a mid-term dividend, emphasizing shareholder returns. There is potential for increased dividends amid a slowdown in capital expenditures [3][8]. - The company's 2Q24 non-recurring profit met expectations, with a revenue of 53.2 billion yuan in 1H24, down 10.5% year-on-year, and a net profit attributable to shareholders of 3.22 billion yuan, up 24.8% year-on-year [8][9]. - The company plans to inject approximately 16.0 GW of conventional energy assets from the group, which is expected to enhance its asset scale and profitability [8][9]. Summary by Sections Financial Performance - In 2Q24, the company reported a revenue of 22.2 billion yuan, down 19.1% year-on-year, and a net profit of 1.36 billion yuan, down 6.0% year-on-year and 26.9% quarter-on-quarter. The non-recurring net profit for 2Q24 was 1.69 billion yuan, up 26.2% year-on-year and 4.2% quarter-on-quarter [8][9]. - The company plans to distribute a dividend of 0.08 yuan per share for 1H24, with a payout ratio of 25.4% [8]. Market Data - The current stock price is 5.47 yuan, with a target price maintained at 7.99 yuan [3][4]. - The company's total market capitalization is 55.945 billion yuan, with a total share capital of 10.228 billion shares [4]. Financial Forecast - The company maintains its earnings per share (EPS) forecast for 2024-2026 at 0.63, 0.64, and 0.69 yuan respectively [8][9]. - The projected revenue for 2024 is 124.897 billion yuan, with a net profit of 6.442 billion yuan, reflecting a year-on-year growth of 42.5% [9][11].

Investment Rating - The investment rating for the company is "Buy" [5] - The target price is set at 74.33 CNY, up from the previous forecast of 72.35 CNY [5] Core Insights - The company reported H1 2024 revenue of 11.472 billion CNY, a year-on-year increase of 24.54%, with net profit attributable to shareholders at 1.878 billion CNY, up 29.04% [10] - The company is experiencing strong order growth, with new clients rapidly increasing and a potential partnership with Adidas expected to enhance its market position [10] - The company plans to expand production capacity significantly in 2025 and 2026, reflecting optimistic order forecasts [10] Summary by Sections Financial Performance - H1 2024 revenue was 11.472 billion CNY, with a net profit margin of 16.37%, an increase of 0.57 percentage points year-on-year [10] - Q2 2024 revenue was 6.707 billion CNY, showing a 20.83% year-on-year growth [10] - The company’s EPS forecasts for 2024, 2025, and 2026 are 3.38 CNY, 3.95 CNY, and 4.60 CNY respectively [10][11] Client and Order Dynamics - The top five clients showed significant growth, with the largest client expected to continue stable growth [10] - Revenue from non-top five clients grew over 40% year-on-year, increasing their contribution to 20% of total revenue [10] - The anticipated collaboration with Adidas is expected to bring additional orders and enhance the company's standing in the footwear manufacturing sector [10] Production Capacity and Expansion Plans - The company has launched two new shoe factories in H1 2024, with a capacity utilization rate of 97.3% [10] - Plans for a new factory in Vietnam are set for H2 2024, with continued high capacity utilization expected [10] - The company is entering a capital expenditure phase in 2025/26, with plans to open more than five new factories, indicating strong confidence in future order growth [10]

Investment Rating - The report maintains a rating of "Buy" for the company [4][18]. Core Views - The company's H1 revenue reached 3.72 billion yuan, an increase of 40.7%, while the net profit attributable to the parent company was 172 million yuan, a decrease of 7.7%. The lower-than-expected performance is attributed to price declines, increased marketing expenses, rising shipping costs, foreign exchange losses, and stock incentive costs. The EPS forecasts for 2024-2026 have been revised down to 0.93, 1.35, and 1.75 yuan respectively, reflecting growth rates of -10%, 45%, and 30% [2][10]. - The company is a leader in cross-border e-commerce, with significant growth in furniture and home goods categories, particularly in North America and Europe. The report highlights the company's efforts in product innovation and warehouse expansion to enhance operational efficiency [2][12]. Financial Summary - **Revenue**: - 2022A: 5,455 million yuan - 2023A: 6,074 million yuan - 2024E: 7,953 million yuan - 2025E: 9,988 million yuan - 2026E: 12,077 million yuan - Growth rates: -8.6%, 11.3%, 30.9%, 25.6%, 20.9% [2][9]. - **Net Profit (attributable to parent)**: - 2022A: 250 million yuan - 2023A: 413 million yuan - 2024E: 373 million yuan - 2025E: 541 million yuan - 2026E: 704 million yuan - Growth rates: 4.3%, 65.1%, -9.7%, 45.3%, 30.0% [2][9]. - **EPS**: - 2022A: 0.62 yuan - 2023A: 1.03 yuan - 2024E: 0.93 yuan - 2025E: 1.35 yuan - 2026E: 1.75 yuan [2][9]. - **P/E Ratio**: - Current: 27.39 - 2023A: 16.59 - 2024E: 18.38 - 2025E: 12.65 - 2026E: 9.73 [2][9]. Market Performance - The company's stock price has fluctuated between 17.06 and 29.60 yuan over the past 52 weeks, with a total market capitalization of 6.85 billion yuan [5][10]. Valuation - The report estimates a target price of 22 yuan based on a P/E ratio of 22 for 2024, considering the company's strong brand and market position [10][12]. Growth Drivers - The company is actively expanding its product lines and enhancing its logistics capabilities, including the establishment of new warehouses in Europe and the U.S. to optimize delivery costs and improve service efficiency [2][12]. Regional Performance - Revenue by region shows strong growth in Europe (22.8 billion yuan, +41.2%) and North America (13.4 billion yuan, +41.1%) [2]. Product Categories - Revenue by product category indicates significant contributions from furniture (1.9 billion yuan, +39.4%) and home goods (1.33 billion yuan, +50.2%) [2].

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] 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 010-83939826 010-83939815 021-38675923 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 登记编号 S0880518010002 S0880123070129 S0880518010004 证 券 研 究 报 告 股 票 研 究 [Table_Report] 相关报告 投资要点： 改革融资，重塑生态 [Table_Industry] 房地产 [Table_Invest] 评级： 增持 上次评级: 增持 ——地产论道之预售制度篇（二十三） 房地产《规划调整，去风险、也去库存》 2024.08.21 房地产《快速下行结束，寻找新的平衡点》 2024.08.15 房地产《正确使用租售比，可持续增长率更重 要》2024.08.12 房地产《单价地王提振信心，期待总量的进一步 表现》202 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][8]. Core Views - The company's performance in H1 2024 is generally in line with expectations, with significant profit release from the hazardous waste resource utilization projects. The operating cash flow turned positive, and the interim cash dividend ratio is 121% [1][8]. - The resource utilization segment saw a revenue increase of 129% year-on-year, indicating strong operational performance [8]. - The company plans to distribute a total cash dividend of RMB 5.03 billion to all shareholders, reflecting a commitment to enhancing shareholder returns [8]. Financial Summary - For H1 2024, the company achieved revenue of RMB 7.545 billion, a 69% increase year-on-year, while the net profit attributable to shareholders was RMB 416 million, a 16% decline year-on-year [8]. - The net cash flow from operating activities was RMB 1.1 billion, a significant improvement from a negative RMB 1.361 billion in the same period last year [8]. - The company forecasts net profits of RMB 908 million, RMB 997 million, and RMB 1.084 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 0.59, RMB 0.65, and RMB 0.71 [8][9]. Market Data - The current stock price is RMB 4.51, with a target price maintained at RMB 9.70 [3][4]. - The company has a total market capitalization of RMB 6.923 billion and a P/B ratio of 0.7 based on the current price [4][5]. Operational Highlights - The resource utilization segment's revenue reached RMB 5.676 billion in H1 2024, with a gross margin of 8.76%, despite a year-on-year decline of 2.90 percentage points [8]. - The environmental operation service segment reported revenue of RMB 883 million, a 9% increase year-on-year, with a gross margin of 47.12%, up 5.61 percentage points [8].

Investment Rating - The report maintains a rating of "Buy" for Sinopec Kantons Holdings Limited (0934) with a target price of HKD 5.33 [5][11]. Core Views - The company's 2024 interim results are in line with expectations, with improvements anticipated in LNG transportation in the second half of the year. The upgrade of the Ma Wan Chau terminal and the smooth progress of overseas projects indicate potential growth [4][5]. Summary by Sections Financial Performance - For the first half of 2024, the company's main revenue reached HKD 331 million, a year-on-year increase of 7.29%. The net profit attributable to shareholders was HKD 685 million, a decrease of 7.90% due to foreign exchange losses and reduced investment income from domestic oil terminal companies [5][6]. - The company declared an interim dividend of HKD 0.1 per share, unchanged from the previous year, with a payout ratio of approximately 36% [5]. Segment Analysis - **Oil Terminal Operations**: The throughput of Huade Petrochemical's crude oil reception was 7.39 million tons, up 23.58% year-on-year, while crude oil transportation reached 5.99 million tons, an increase of 3.45%. The segment's performance was HKD 161 million, a year-on-year increase of 17.27% [5]. - **Domestic Terminals**: The throughput of six subsidiary terminals was 10 million tons, down 4.76%, with investment income of HKD 363 million, a decrease of 11.46%, primarily due to a slowdown in domestic crude oil import demand [5]. - **Overseas Storage**: The Fujairah company achieved investment income of HKD 67.05 million, up 34.67%, while Vesta reported investment income of HKD 16.17 million, an increase of 60.10% [5]. - **LNG Transportation**: Investment income was HKD 59.42 million, down 8.10%, mainly due to a vessel malfunction at the end of 2023 leading to rental losses and increased repair costs [5]. Future Outlook - The LNG transportation business is expected to improve in the second half of the year, with the previously malfunctioning LNG vessel resuming normal operations in June 2024. The Ma Wan Chau terminal's upgrade is progressing on schedule, which will further enhance Huade Petrochemical's revenue scale [5][6].

Investment Rating - The report maintains an "Overweight" rating for the company [2][4]. Core Insights - The company's revenue for 2024H1 is projected to be 16.284 billion yuan, reflecting a year-on-year growth of 1.3%, while the adjusted net profit is expected to be 3.217 billion yuan, up 1.7% year-on-year. The overall gross margin stands at 71.6%, an increase of 1.7 percentage points, primarily driven by the higher proportion of the pharmaceutical business [4]. - Despite short-term pressure on the pharmaceutical segment's revenue, the approval of multiple new drugs is anticipated to offset the negative impact of centralized procurement. The company continues to advance its pipeline, supporting a positive long-term outlook [4]. Summary by Sections Financial Performance - The company reported a revenue of 16.284 billion yuan for 2024H1, with a year-on-year increase of 1.3%. The adjusted net profit is projected at 3.217 billion yuan, reflecting a 1.7% increase year-on-year. The gross margin is at 71.6%, up 1.7 percentage points [4][7]. - Revenue forecasts for 2024-2026 have been revised down to 32.720 billion yuan, 34.852 billion yuan, and 37.121 billion yuan, respectively, from previous estimates of 35.029 billion yuan, 39.613 billion yuan, and 44.835 billion yuan [4]. Pharmaceutical Segment - The pharmaceutical segment shows steady growth, with revenue of 13.549 billion yuan, a 4.8% increase. Neurology products generated 5.236 billion yuan, up 15.0%, attributed to the approval of Mingfule for stroke indications [4]. - Oncology product revenue decreased by 10.2% to 2.683 billion yuan, primarily due to price declines from centralized procurement in the Beijing-Tianjin-Hebei region. The anti-infection product revenue increased by 7.7% to 2.307 billion yuan, while cardiovascular products saw a decline of 4.5% to 1.229 billion yuan [4]. Pipeline and Future Prospects - The company has a robust pipeline with several innovative products expected to be approved between 2024 and 2025, including Omalizumab for urticaria and Amphotericin B liposome for deep fungal infections [4]. - Key products such as Enlansumab for cervical cancer and albumin-bound paclitaxel are anticipated to contribute to revenue growth in the coming years [4].