股 票 研 究 证 券 研 究 报 告 ——中报点评 | --- | |-----------------------------------| | | | [table_Authors] 王彦龙 ( 分析师 ) | | 010-83939775 | | wangyanlong@gtjas.com | | 登记编号 S0880519100003 | | --- | --- | |----------------------|-------| | | | | 黎明聪 ( 分析师 ) | | | 0755-23976500 | | | limingcong@gtjas.com | | | S0880523080008 | | 本报告导读： 上调盈利预测，维持目标价，维持增持评级；业绩符合市场预期，Q2 营收加速； 激光雷达、数通产品加速放量。 [Table_Summary] 上调盈利预测，维持目标价，维持增持评级。公司公告 2024 年中 报，业绩符合市场预期。考虑光通信业务快速放量，贡献利润较为 显著，我们上修 2024-2026 年归母净利润为 0.73/1.46/1.93 亿元（前 值为 0.42/1.24 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing a significant recovery in profitability, with its performance in the first half of 2024 showing a year-on-year increase of over five times in net profit attributable to shareholders, reaching 490 million yuan, which is an 84% recovery compared to the same period in 2019 [10] - The impact of engine maintenance on fleet turnover and profitability is limited, with aircraft utilization rates exceeding those of 2019 [10] - The company is expected to benefit from a recovery in industry supply and demand, with its high-quality flight network anticipated to show an upward trend in profitability [10] Financial Summary - The target price is set at 22.00 yuan, unchanged from the previous forecast [5] - The company's total revenue for 2024 is projected to be 23,051 million yuan, reflecting a 14.7% increase from 2023 [11] - The net profit for 2024 is forecasted at 1,404 million yuan, an increase of 86.9% compared to 2023 [11] - The company’s earnings per share (EPS) is expected to rise to 0.63 yuan in 2024, up from 0.34 yuan in 2023 [11] - The net asset return rate (ROE) is projected to improve to 15.6% in 2024, compared to 8.9% in 2023 [11] Operational Insights - The company has expanded its fleet size by 34% and revenue passenger kilometers (RPK) by 36% compared to 2019, with operating revenue increasing by 36% [10] - The introduction of new fuel-efficient aircraft has led to a 10% reduction in fuel consumption per seat kilometer, partially offsetting the impact of high oil prices [10] - The company is focusing on optimizing its flight network and enhancing the value of its flight slots, which is expected to drive future profitability [10]

股 票 研 究 股票研究 /[Table_Date] 2024.08.22 ——舍得酒业 2024H1 业绩点评 迈入调整，夯实基础 舍得酒业(600702) 食品饮料 [Table_Industry] /必需消费 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 68.02 上次评级: 增持 上次预测: 123.99 | --- | --- | --- | |----------|------------------|-----------------------| | | 訾猛(分析师) | 李耀(分析师) | | | 021-38676442 | 021-38675854 | | | zimeng@gtjas.com | liyao022899@gtjas.com | | 登记编号 | S0880513120002 | S0880520090001 | 本报告导读： 2024Q2 公司迈入调整期，利润表现低于预期；中期维度下看好白酒份额逻辑，舍得 有望在去库后实现成长性修复。 投资要点： [当前价格： Table_CurPrice] 50.00 [Table_Mark ...

Investment Rating - The report maintains an "Accumulate" rating for 恒瑞医药 (600276) with a target price of 53.55 RMB, unchanged from the previous forecast [1][3]. Core Views - The company's revenue and net profit showed significant growth in H1 2024, with revenue reaching 13.601 billion RMB, a year-on-year increase of 21.78%, and net profit attributable to shareholders at 3.432 billion RMB, up 48.67% [3]. - The growth is attributed to the rapid expansion of innovative drugs and the successful internationalization of products, with a notable contribution from a 160 million Euro licensing fee from Merck Healthcare, equivalent to approximately 1.27 billion RMB [3]. - The report highlights that the domestic performance remains stable, with innovative drug revenue reaching 6.612 billion RMB in H1 2024, a 33% increase year-on-year [3]. Financial Summary - For H1 2024, the company reported revenue of 13.601 billion RMB, net profit of 3.432 billion RMB, and net profit excluding non-recurring items of 3.490 billion RMB, reflecting substantial growth [3]. - The forecast for EPS for 2024-2026 is maintained at 0.90, 1.08, and 1.27 RMB respectively, with a corresponding PE ratio of 60X for 2024 [3][4]. - The financial outlook shows a steady increase in revenue, with projections of 26.823 billion RMB for 2024, 31.165 billion RMB for 2025, and 36.103 billion RMB for 2026, indicating a compound annual growth rate [4][11]. Research and Development - The company increased its R&D investment to 3.860 billion RMB in H1 2024, a 26% year-on-year increase, indicating a commitment to innovation [3]. - Several innovative products are nearing market readiness, including PD-L1 inhibitors and opioid analgesics, with multiple candidates in the NDA and Phase III clinical stages [3]. Market Position and Catalysts - The report identifies potential catalysts for growth, including unexpected market expansion, new product approvals, and progress in international markets [3]. - The company is positioned to benefit from the increasing demand for innovative drugs and the successful execution of its international strategy [3].

Investment Rating - The report maintains a rating of "Buy" for the company [7][14]. Core Insights - The company reported revenue in line with expectations and profits exceeding expectations, with strong cash flow performance driven by structural upgrades that enhanced profit margins [3][7]. - The independent operation of the "Zhen Thirty" division is expected to unlock growth potential through focused resource allocation and organizational empowerment [3][7]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 4.13 billion RMB, a year-on-year increase of 17%, and an adjusted net profit of 1.02 billion RMB, a year-on-year increase of 27%, surpassing expectations [7][8]. - The operating net cash flow for the period was 570 million RMB, a significant year-on-year increase of 166%, attributed to the easing of cash collection issues following a peak in base liquor inventory [7][8]. - The gross margin improved by 0.9 percentage points year-on-year to 58.8%, while the adjusted net profit margin increased by 1.8 percentage points to 24.6% [7][8]. Brand Performance - Revenue growth for the brands in the first half of 2024 was as follows: Zhen Jiu +17%, Li Du +38%, Xiang Jiao +2%, and Kai Kou Xiao +2% [7]. - The main brand, Zhen Jiu, saw both volume and price increases, with volume up by 8% and price up by 9%, leading to a gross margin increase of 1.2 percentage points to 59.2% [7]. - Li Du experienced a significant volume increase of 30% with a price increase of 6%, maintaining a gross margin of 66.8% [7]. Structural Upgrades and Future Outlook - The company has been optimizing operational efficiency and enhancing the effectiveness of its sales team, alongside refining channel management and customer relationships [7]. - The recent strategic upgrade of the Zhen Jiu brand, including the establishment of the Zhen Thirty division, is expected to further enhance growth potential by focusing on service and experience for partners and accelerating terminal construction [7].

股 票 研 究 ——爱博医疗 2024H1 业绩点评 晶体快速增长，隐形眼镜加速放量 爱博医疗(688050) [Table_Industry] 医药/必需消费 | --- | --- | --- | |----------|-----------------------------------|--------------------------| | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 张拓 ( 分析师 ) | | | 0755-23976735 | 0755-23976170 | | | dingdan@gtjas.com | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | S0880523090003 | 本报告导读： 晶体受益于集采快速增长，隐形眼镜产能快速爬坡，收入略超预期，利润符合预期， 维持谨慎增持评级。 投资要点： 公 司 更 新 报 告 证 券 研 究 报 告 [Table_Summary] 收入略超预期，维持谨慎增持评级。2024H1 公司实现收入 6.86 亿 元（+68.5%），归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company exceeded expectations in both licensing revenue and R&D progress, achieving a turnaround in profit for the first half of 2024 with revenue of 1.383 billion yuan, a year-on-year increase of 32.2% [4][5]. - The company has submitted its first NDA for a lung cancer indication, indicating accelerated progress in its R&D pipeline [4][5]. - The collaboration with Merck has been optimized, with the company receiving a $37.5 million upfront payment for the SKB571 project, while retaining rights in Greater China [5]. Revenue and Financial Performance - The company reported a profit of 310 million yuan for 2024H1, marking a significant recovery from losses in 2023H1 [5]. - Revenue forecasts for 2024-2026 have been revised upwards to 1.720 billion, 1.924 billion, and 2.534 billion yuan, respectively, from previous estimates of 1.181 billion, 1.574 billion, and 2.361 billion yuan [5][7]. R&D Pipeline Progress - The core product SKB264 has received CDE approval for its first indication in lung cancer, targeting EGFRm NSCLC after failure of EGFR-TKI and platinum-based chemotherapy [5]. - Multiple potential catalysts are expected, including approvals for various indications in 2024 and 2025, such as 3L+ TNBC and PDL1 monoclonal antibody for nasopharyngeal carcinoma [5]. Market Data - The current stock price is 169.90 HKD, with a market capitalization of 37.861 billion HKD [6]. - The stock has traded within a range of 72.05 to 189.30 HKD over the past 52 weeks [6]. Financial Summary - The company has shown significant revenue growth from 32 million yuan in 2021 to an estimated 1.720 billion yuan in 2024, reflecting a compound annual growth rate of 2387.3% from 2021 to 2022 and 91.6% from 2022 to 2023 [7]. - Gross profit is projected to increase from 12 million yuan in 2021 to 1.093 billion yuan in 2024 [7].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank with a target price of 8.09 CNY, unchanged from the previous rating [4][2]. Core Insights - Changshu Bank's revenue and profit growth lead the sector, with a robust asset quality indicator. The bank's strategy focuses on expanding its customer base and promoting its micro-loan model, which is now mature and replicable [2][5]. - The bank's net profit growth forecasts for 2024-2026 have been adjusted to 19.6%, 17.0%, and 17.2%, respectively, with corresponding BVPS of 9.49, 10.71, and 12.19 CNY per share [5][6]. - The bank's revenue for Q2 2024 increased by 12.1% year-on-year, with net interest income rising by 6.6%, indicating strong performance [5][6]. - The bank's asset quality remains stable despite a slight increase in non-performing loan generation, with a non-performing loan ratio of 1.22% for H1 2024 [5][7]. Financial Summary - For 2024, the bank's projected operating income is 11,068 million CNY, reflecting a growth rate of 12.1% [6]. - The net profit attributable to the parent company is expected to reach 3,924 million CNY in 2024, with a growth rate of 19.6% [6]. - The total assets of the bank are projected to be 374,646 million CNY by the end of 2024, with a core Tier 1 capital adequacy ratio of 10.48% [7][6].

Investment Rating - The investment rating for the company is "Buy" [3][5] - The target price is set at 7.37 CNY, unchanged from the previous forecast [3][5] Core Views - The report highlights that the refined oil transportation industry is experiencing historical highs in profitability, with the company's net profit increasing by over 45% year-on-year [4][5] - There is significant divergence in market expectations regarding the future outlook of refined oil transportation, but the report suggests that the eastward shift of refineries will support continued demand growth [4][5] - The report recommends a contrarian investment approach, suggesting that the current market concerns about new ship deliveries are overblown [4][5] Summary by Sections Financial Performance - In the first half of 2024, the company recorded a net profit of 1.22 billion CNY, a 45% increase year-on-year [5] - The average daily TCE (Time Charter Equivalent) for MR vessels reached historical highs, with the company’s quarterly net profit showing a slight decline due to the disposal of three MR vessels [5] - The report adjusts the net profit forecast for 2024-2026 to 2.1 billion, 2.4 billion, and 2.5 billion CNY respectively, down from previous estimates of 2.4 billion, 2.5 billion, and 2.7 billion CNY [5] Market Dynamics - The report notes that the capacity utilization rate for refined oil transportation has exceeded threshold levels, and the global shift of refineries is expected to continue driving demand growth [5] - It estimates that refined oil shipping volume increased by 9% in the first half of 2024 compared to 2019, with the average shipping distance extending by over 10% [5] - The report anticipates that the ongoing eastward shift of refineries will help absorb new ship deliveries, maintaining a favorable supply-demand balance [5] Corporate Developments - The company has completed a board restructuring and is expected to leverage its market-oriented capabilities for future growth [5] - The shareholder structure is improving, with bank-related shareholders reducing their stake to 6% [5] - The report indicates that the company’s retained earnings are expected to improve gradually, with a projected return to shareholders in the coming year [5]

Investment Rating - The report maintains an **"Overweight"** rating for the company, with a target price of **6.46 CNY** [5] Core Views - The company's performance is in line with expectations, with a focus on price increases and progress in asset injections [3] - The company has shifted its focus to its core business by divesting part of its transportation operations, leading to improved profitability [3] - Tourism services now account for **70%** of revenue, up from **23%**, contributing significantly to the margin improvement [3] - The company expects growth in its main business driven by higher tourist volumes and potential price increases in 2024 [3] Financial Summary - **Revenue** is projected to decline by **49.2%** in 2024E to **813 million CNY**, but is expected to grow by **10.7%** and **10.3%** in 2025E and 2026E, respectively [1] - **Net profit attributable to shareholders** is forecasted to be **114 million CNY** in 2024E, with a **14.1%** and **12.3%** growth in 2025E and 2026E, respectively [1] - **EPS** is expected to be **0.16 CNY** in 2024E, increasing to **0.18 CNY** and **0.20 CNY** in 2025E and 2026E, respectively [1] - **ROE** is projected to improve from **3.6%** in 2024E to **4.4%** in 2026E [1] Business Performance - In H1 2024, the company reported revenue of **340 million CNY**, a **61%** decline YoY, with a gross profit of **109 million CNY** and a gross margin of **32%**, up by **18 pct** [3] - Tourism services revenue increased by **16%** to **238 million CNY**, while transportation services revenue declined by **75%** to **181 million CNY** [3] - The company's net profit margin improved to **15.85%**, up by **8.9 pct**, driven by the shift in business focus [3] Key Focus Areas - The company is closely monitoring the progress of asset injections, particularly the operational rights of the Three Gorges Dam scenic area [3] - Future growth is expected to be driven by higher tourist volumes and potential price increases in 2024 [3] Valuation Metrics - The company's **P/E ratio** is **29.91** for 2024E, decreasing to **23.35** by 2026E [1] - The **P/B ratio** is **1.08** for 2024E, with a slight decline to **1.03** by 2026E [10] - The **EV/EBITDA** ratio is projected to decrease from **5.43** in 2024E to **3.87** in 2026E [10]