奥布替尼加速放量，创新管线推进顺利 诺诚健华(9969) [Table_Industry] 医药 [Table_Invest] 评级： 增持 ——诺诚健华 2024H1 点评 | --- | --- | --- | --- | |----------|-------------------|----------------------------|--------------------------| | | 丁丹(分析师) | 甘坛焕(分析师) | 付子阳(研究助理) | | | 0755-23976735 | 021-38675855 | 0755-23976666 | | | dingdan@gtjas.com | gantanhuan028803@gtjas.com | fuziyang028496@gtjas.com | | 登记编号 | S0880514030001 | S0880523080007 | S0880123100022 | 本报告导读： 奥布替尼凭借 MZL 独家适应症加速放量，全年收入增长指引上调至 35% 。自免和 实体瘤管线拓展顺利，创新管线有望未来 1-2 年陆续获批上市，维 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's electrophysiology and vascular intervention businesses continue to grow rapidly, meeting expectations [3]. - The forecasted EPS for 2024-2026 is set at 7.13, 9.75, and 12.90 CNY respectively, with a target price raised to 434.88 CNY from 342.66 CNY [3][6]. - The company achieved a revenue of 1 billion CNY in H1 2024, representing a year-on-year increase of 27.0%, and a net profit of 343 million CNY, up 33.1% [3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1 billion CNY, with a net profit of 343 million CNY and a non-GAAP net profit of 328 million CNY, reflecting increases of 27.0%, 33.1%, and 35.2% respectively [3]. - For Q2 2024, the company recorded a revenue of 546 million CNY, a 24.5% increase year-on-year, and a net profit of 202 million CNY, up 30.8% [3]. Business Segments - The electrophysiology business generated revenue of 223 million CNY in H1 2024, accounting for approximately 22% of total revenue, with significant growth in three-dimensional surgeries [3]. - The coronary access products achieved revenue of 503 million CNY, while peripheral intervention products contributed 175 million CNY in H1 2024, with hospital penetration rates improving significantly [3]. Market Position - The company has expanded its hospital coverage to over 4,000, with a nearly 20% increase in coronary product admissions compared to H1 2023, and over 30% growth in peripheral product admissions [3]. - The company is enhancing its competitive edge in the market through improved product performance and increased production capabilities [3].

——2024 年中报点评 量价齐升，盈利弹性显现 珠江啤酒(002461) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 10.05 | | | 上次预测: | 10.05 | | [当前价格： Table_CurPrice] | | 8.48 | | --- | --- | |----------|--------------------| | | 陈力宇(分析师) | | | 021-38677618 | | | chenliyu@gtjas.com | | 登记编号 | S0880522090005 | 本报告导读： 公司 24Q2 持续相对较好的量价表现，吨价明显提升、吨成本显著下降，毛利率实 现大幅改善，相对优势凸显。 投资要点： [Table_Summary] 投资建议：维持"增持"评级。考虑公司吨价 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 17.51 yuan, down from 25.89 yuan [2][6] Core Views - The company reported H1 2024 revenue of 17.654 billion yuan, a decrease of 19.33% YoY, and net profit attributable to shareholders of 2.227 billion yuan, down 57.96% YoY [2] - Q2 2024 revenue was 8.995 billion yuan, down 9.96% YoY, and net profit was 939 million yuan, down 50.99% YoY, both below market expectations [2] - The company's coal production in H1 2024 was 27.67 million tons, a decrease of 6.3% YoY, with commercial coal sales of 24.55 million tons, down 10% YoY [2] - The company's Q2 production recovery was significant, with commercial coal production reaching 14.43 million tons, a decrease of only 3% YoY, compared to a 10% decline in Q1 [2] - The report expects the company's production and sales to return to normal levels in Q3, with sales expected to stabilize or grow [2] Financial Performance - The company's average selling price in H1 2024 was 683 yuan/ton, down 90 yuan/ton YoY, but the price pressure eased in Q2, with the average selling price at 677 yuan/ton, down only 3 yuan/ton YoY [2] - The company's cost per ton increased by 44 yuan/ton YoY in Q2, reaching 365 yuan/ton, which significantly impacted profitability [2] - The company's gross profit per ton in Q2 was 312 yuan/ton, down 46.5 yuan/ton YoY [2] - The report forecasts EPS for 2024-2026 to be 1.67, 2.09, and 2.55 yuan, respectively, with downward revisions of 0.62, 0.50, and 0.37 yuan [2] Industry and Market Context - The company's coal production in Shanxi Province recovered to 114 million tons in June 2024, reaching the 2023 monthly average, indicating a return to normal production levels [2] - The report highlights that the company's production and sales pressure peaked in H1 2024, with expectations of improvement in H2 [2] - The company's resource tax increased in Q2 2024, with the tax rate for raw coal rising from 8% to 10%, and the tax rate for processed coal rising from 6.5% to 9%, leading to an additional tax burden of approximately 250 million yuan per quarter [2] Financial Forecasts - The report forecasts the company's revenue for 2024-2026 to be 37.509 billion, 39.741 billion, and 42.156 billion yuan, respectively, with growth rates of -13.0%, 6.0%, and 6.1% [4] - Net profit attributable to shareholders is expected to be 4.997 billion, 6.248 billion, and 7.629 billion yuan for 2024-2026, with growth rates of -36.9%, 25.0%, and 22.1% [4] - The company's ROE is expected to be 9.9%, 11.7%, and 13.6% for 2024-2026, respectively [4]

——小米集团 2024 年二季度财报 | --- | --- | --- | |----------|---------------------|------------------------| | | 吴晓飞(分析师) | 管正月(分析师) | | | 0755-23976003 | 021-38032026 | | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | | 登记编号 | S0880517080003 | S0880521030003 | 本报告导读： 小米集团 2024 年二季度财报单独披露汽车业务，盈利能力继续提升，产能爬坡和渠 道开拓不断推进，全年交付目标提升至 12 万辆，供应链持续受益。 投资要点： [Table_Summary] 投资建议：维持行业增持评级，小米汽车交付不断加速，产能瓶颈 逐步打开，收入和盈利能力持续提升，随着小米汽车产销规模的增 长，相关配套汽车零部件将有望受益，推荐无锡振华、上声电子、 拓普集团、双环传动、银轮股份等。 事件简述：8 月 21 日小米集团公告 2024 年二季度财报，2Q24 实现 收入 889 亿 ...

Investment Rating - The report maintains a rating of "Buy" for the company [2][5]. Core Insights - The company has shown strong performance with a revenue of 1.365 billion yuan in H1 2024, representing a growth of 38.4%, and a net profit of 107 million yuan, up by 15.1% [5]. - The adjusted net profit reached 148 million yuan, marking a significant increase of 45.3% [5]. - The gross margin improved to 29.4%, an increase of 0.7 percentage points, while the adjusted profit margin rose to 10.8%, up by 0.5 percentage points [5]. - The company forecasts adjusted net profits of 399 million, 519 million, and 670 million yuan for 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 31%, 30%, and 29% [5]. - The target market capitalization is set at 12 billion yuan, with a target price of 48.97 yuan (53.52 HKD) based on a PE ratio of 30X for 2024 [5]. Summary by Sections Performance Overview - The company added 420,000 new customers in H1 2024, a growth of 21.1%, bringing the total customer base to 3.957 million [5]. - The number of customer visits reached 2.383 million, an increase of 31.9%, with a customer retention rate of 69.5%, up by 2.2 percentage points [5]. - Average spending per visit increased to 573 yuan, reflecting a growth of 4.9% [5]. - Membership numbers grew by 49.3% to 261,000, with member visits increasing by 51.1% to 938,000 [5]. Expansion and Market Share - The company is expanding its market presence through both self-built and acquired branches, adding 16 new locations (4 self-built and 12 acquired) [5]. - The company has entered new cities including Singapore, Changsha, Xuzhou, and Changshu, operating a total of 74 stores across 20 cities [5]. - The company has established partnerships with 26 medical alliances, enhancing its doctor resources with over 39,000 practicing physicians [5]. Financial Projections - Revenue projections for the next three years are as follows: 3.029 billion yuan for 2024, 3.925 billion yuan for 2025, and 5.033 billion yuan for 2026, with respective growth rates of 30.2%, 29.6%, and 28.2% [7]. - The adjusted net profit is expected to grow significantly, with projections of 399 million yuan for 2024, 519 million yuan for 2025, and 670 million yuan for 2026 [7].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in the first half of 2024 met expectations, with notable growth in overseas business despite a year-on-year decline in overall profit [2][3] - The company is expected to improve its profitability in the second half of 2024 as production capacity for playing cards increases and new game products are launched [3] Summary by Relevant Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.908 billion yuan, a year-on-year decrease of 18.65%, and a net profit attributable to shareholders of 284 million yuan, down 30.29% [3] - The second quarter of 2024 saw revenue of 927 million yuan, a quarter-on-quarter decline of 5.58% and a year-on-year decline of 19.96% [3] - The company's playing card business remained stable, generating revenue of 491 million yuan, a year-on-year decrease of 4.72% [3] Business Segments - The mobile gaming segment experienced a revenue decline of 27.28%, totaling 513 million yuan, while the digital marketing segment saw a revenue drop of 20.29%, amounting to 879 million yuan [3] - The gross margin for the playing card business improved to 30.45%, an increase of 4.42 percentage points year-on-year [3] Overseas Business Growth - The company's overseas revenue reached 103 million yuan, a significant year-on-year increase of 148.82%, driven by the expansion of its game product line in international markets [3] Future Projections - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 1.56 yuan, 1.86 yuan, and 2.19 yuan respectively, with a target price of 30.05 yuan based on a 20x price-to-earnings ratio for 2024 [3]

Investment Rating - The report maintains a rating of "Buy" for the company [3][5]. Core Views - The company is experiencing steady growth in both domestic and international markets, with a successful rollout of installations and an increase in the sales proportion of mid-to-large machines, which is driving a positive trend in reagent growth [3]. - The revenue for H1 2024 reached 2.211 billion yuan, representing an 18.54% increase year-on-year, while the net profit attributable to shareholders was 903 million yuan, up 20.42% [3]. - The report forecasts EPS for 2024, 2025, and 2026 to be 2.69 yuan, 3.49 yuan, and 4.55 yuan respectively, with a target price of 79.65 yuan, corresponding to a PE of 30X for 2024 [3]. Financial Summary - H1 2024 revenue breakdown: Reagent revenue was 1.591 billion yuan (+21.13%), and instrument revenue was 615 million yuan (+12.40%) [3]. - The gross margin for reagents was 88.50% (down 0.41 percentage points), while the gross margin for instruments improved to 32.11% (up 2.46 percentage points) [3]. - Domestic revenue for H1 2024 was 1.410 billion yuan (+16.30%), with a significant increase in the number of large medical terminal customers [3]. - International revenue for H1 2024 was 796 million yuan (+22.79%), with a notable increase in the sales of mid-to-large instruments [3]. Market Performance - The company has successfully expanded its domestic market share, with a 75.13% installation rate for large machines in H1 2024 [3]. - The overseas market is also showing promising growth, with reagent revenue increasing by 29.11% year-on-year in H1 2024 [3]. - The total market capitalization is approximately 49.445 billion yuan, with a current price of 62.93 yuan [6].

Investment Rating - The report maintains an "Accumulate" rating for AIA Group Limited (1299) [1] Core Views - The report highlights strong growth in New Business Value (NBV) and sets an operational profit target for the next three years that exceeds expectations [2][4] - The current price of the stock is HKD 51.40, with a target price of HKD 89.80 per share, corresponding to a 2024 P/EV of 1.81 times [3][11] Summary by Sections Financial Performance - For the first half of 2024, the net profit attributable to shareholders increased by 47.3% (actual rate) / 53% (fixed rate), meeting expectations [11] - The after-tax operating profit grew by 3.5% (actual rate) / 7% (fixed rate) [11] - The embedded value increased by 1.2% compared to the end of the previous year, primarily due to currency fluctuations and dividends [11] New Business Value (NBV) - The NBV for the first half of 2024 grew by 21% (actual rate) / 25% (fixed rate), exceeding expectations [11] - In Q2, the NBV growth rate was 5.6% (actual rate), showing a slowdown compared to Q1, attributed to a high base from the previous year [11] - Regionally, NBV growth in Hong Kong was 26%, driven by local customers and mainland visitors [11] - In mainland China, NBV growth reached 36%, with new branches contributing significantly [11] Operational Targets - Management has set a three-year target for compound growth in operating profit per share of 9%-11% from 2023 to 2026 [11] - This growth is expected to be driven by contributions from new business profitability and effective management of existing business [11] Dividend Policy - The interim dividend for 2024 is set at HKD 0.445 per share, a year-on-year increase of 5.2%, with a payout ratio of 50.4% [11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is adjusting its profit expectations due to a weakening downstream consumption environment and intensified market price competition. The expected EPS for 2024-2026 is revised to 0.90, 1.16, and 1.41 yuan, respectively, down from previous estimates of 1.06, 1.36, and 1.66 yuan. The target price is adjusted to 31.94 yuan, with a PE ratio of 35.5x for 2024 [4][5] - The core product growth remains resilient, with the lens business experiencing a 14.0% year-on-year increase in H1 2024, driven by a focus on product strategy. The PMC Ultra Bright series saw a revenue increase of 59% year-on-year in H1 2024 [4] - The profit margin continues to benefit from product mix optimization, with a gross margin of 60.7% in Q2 2024, up 3.6 percentage points year-on-year [4] Summary by Sections Company Overview - The company is focused on brand positioning and product iteration to stabilize pricing amidst fierce external competition [3] Financial Performance - The company reported a revenue of 767 million yuan for 2024E, with a growth rate of 2.5% compared to 2023. The net profit attributable to the parent company is expected to be 181 million yuan, reflecting a growth of 15.1% [9][10] Strategic Initiatives - The company has established a unique partnership with Leica in April 2024 to expand its presence in the high-end market. It continues to innovate with product iterations and has launched the "Easy Control Pro 2.0" in August 2024 [4] - The company is also enhancing its channel strategy, with a focus on large and medium-sized clients, and has seen over 40% growth in medical channels in H1 2024 [4] Market Position - The company’s stock has a current price of 25.06 yuan, with a target price of 31.94 yuan, indicating potential upside [5][6]