Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company's performance is under short-term pressure due to downstream demand, but channel structure is continuously improving, and the expansion of agency channels and non-real estate business is expected to drive steady growth in performance [3][4]. - The company achieved revenue of 1.442 billion yuan in H1 2024, down 10.0% year-on-year, and a net profit attributable to the parent company of 105 million yuan, down 26.1% year-on-year [4]. - The revenue for Q2 2024 was 816 million yuan, a decrease of 11.3%, with a net profit of 76 million yuan, down 8.7% [4]. - The forecast for net profit attributable to the parent company for 2024-2026 has been revised down to 298 million, 344 million, and 398 million yuan, respectively [4]. - The target price has been adjusted to 25.20 yuan from the previous 29.74 yuan, based on comparable company valuations [4][11]. Financial Summary - The company reported a revenue of 3.209 billion yuan in 2022, which increased to 3.738 billion yuan in 2023, but is expected to decrease to 3.557 billion yuan in 2024, followed by growth to 3.913 billion yuan in 2025 and 4.304 billion yuan in 2026 [5]. - The net profit attributable to the parent company was -299 million yuan in 2022, turning positive to 390 million yuan in 2023, but is projected to decrease to 298 million yuan in 2024 [5]. - The earnings per share (EPS) is expected to be 1.68 yuan in 2024, increasing to 1.94 yuan in 2025 and 2.25 yuan in 2026 [5]. Market Position and Strategy - The company is actively adjusting its channel structure, aiming to reduce the proportion of direct engineering business to 20-25% from over 30% in 2023, while increasing the construction of distribution and agency channels [4]. - The number of franchise distributors increased by 7,809 in Q2 2024, a growth of 155.8%, indicating a rapid expansion of income scale from agency channels [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 172.23 CNY, unchanged from the previous rating [4][6]. Core Views - The automotive lighting industry is undergoing a new round of upgrades, transitioning from functional headlights to intelligent headlights, which is expected to drive accelerated growth in the sector [3][23]. - The company is poised to benefit from industry upgrades and a shift in customer structure, with revised EPS forecasts for 2024, 2025, and 2026 set at 5.36, 6.95, and 8.54 CNY respectively [4][18]. Summary by Sections 1. Profit Forecast - The company is projected to achieve revenues of 132.57 billion CNY in 2024, 161.00 billion CNY in 2025, and 193.97 billion CNY in 2026, with growth rates of 29.4%, 21.4%, and 20.5% respectively [17][20]. - The gross margin is expected to improve steadily, reaching 21.5%, 21.8%, and 22.5% in 2024, 2025, and 2026 respectively, driven by higher yields of ADB products and an increased proportion of high-margin products [17][20]. 2. Automotive Lighting Industry - The industry is experiencing a transition from traditional lighting sources to LED, enhancing functionality and paving the way for intelligent upgrades [25][26]. - The penetration rate of LED headlights is rapidly increasing, with over 70% in the global passenger car market and over 90% in the global new energy vehicle market as of 2023 [28]. 3. Customer Structure Upgrade - The company is witnessing a shift in its customer base from traditional joint ventures to new energy vehicle manufacturers, which is expected to drive a new round of growth [4][19]. - The sales volume of new energy vehicle clients is increasing, leading to a recovery in the company's revenue starting from 2023 [4][19].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][11]. Core Views - The company reported a revenue of 2.698 billion yuan for the first half of 2024, representing a year-on-year increase of 2.54%. However, the net profit attributable to shareholders decreased by 8.16% to 133 million yuan, and the net profit after deducting non-recurring gains and losses fell by 27.37%, slightly below expectations [11]. - Domestic business remains stable, while overseas growth is experiencing a temporary slowdown. The company is making progress in the verification of magnesium oxide for wet metallurgy applications, with multiple customer trial orders obtained [5][11]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.27, 0.32, and 0.38 yuan, respectively, while maintaining the target price at 5.36 yuan [11]. Financial Summary - The company achieved a domestic revenue of 1.972 billion yuan in the first half of 2024, an increase of 3.45%. The overseas revenue was 726 million yuan, a slight increase of 0.16% [11]. - The overall gross margin has slightly decreased due to rising raw material prices and pricing pressures in the refractory materials sector, but ongoing cost reduction and efficiency improvements are expected to stabilize profitability [11]. - The company is focusing on high-end applications in the magnesium industry, with successful breakthroughs in wet metallurgy magnesium oxide technology, which is expected to drive domestic substitution demand [11].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, consistent with the previous rating [1]. Core Insights - Recent adjustments in planning for real estate projects, particularly in increasing the usable area ratio, are gaining attention and are expected to facilitate the reduction of existing inventory [2]. - High usable area ratios, exceeding 90% in some new projects, are becoming a mainstream trend, especially in first-tier cities where demand is not lacking [2]. - The adjustment of usable area ratios is seen as a more straightforward and effective method compared to previous changes in land use from commercial to residential [2]. - The increase in usable area ratios can enhance the competitiveness of older projects by improving their price-performance ratio, aiding in inventory reduction [2]. - The current phase of risk mitigation in the real estate market is transitioning to focus on the de-inventory of unsold projects, necessitating attention to reinvestment strategies post-de-inventory [2]. Summary by Sections Recent Developments - There has been a notable increase in cases of planning adjustments for real estate projects, with some cities implementing new regulations to expedite these changes [2]. - The report highlights that the adjustment of usable area ratios is more direct compared to previous land use changes [2]. Market Dynamics - The report indicates that the overall decline in housing prices over the past two years has pressured older projects, but adjustments in usable area ratios can provide substantial improvements for inventory reduction [2]. - The report emphasizes the importance of monitoring the reinvestment of projects after inventory reduction [2]. Company Recommendations - The report suggests a dual strategy for investment: selecting low-leverage leading companies such as China Merchants Shekou, China New Group, and Poly Developments, while also focusing on companies undergoing restructuring like CIFI Holdings and Sunac China [2]. Financial Projections - The report includes financial forecasts for key companies in the sector, with all listed companies receiving an "Overweight" rating based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [4].

Investment Rating - The investment rating for the company is "Buy" [4][10] - The target price has been raised to 11.05, up from the previous forecast of 9.86 [4][10] Core Insights - The company has shown strong profit growth in the first half of 2024, with a notable increase in asset quality [10] - The bank's credit issuance has improved in quality, and there is potential for profit release throughout the year [10] - The net interest margin has increased, and the bank has effectively managed its deposit costs [10] Financial Summary - Total assets amounted to 9,007,247 million, with total loans at 5,017,754 million and total deposits at 5,060,344 million [7] - The core Tier 1 capital adequacy ratio stands at 12.94% [7] - For 2024, the projected net profit growth is 21.3%, followed by 5.6% in 2025 and 8.0% in 2026 [10] - The bank's net profit attributable to shareholders is expected to be 44,506 million in 2024, increasing to 50,742 million by 2026 [9][10] Performance Metrics - The bank's revenue for 2023 is projected at 173,434 million, with a slight decrease of 0.5% expected in 2024 [9] - The net profit for 2023 is estimated at 36,702 million, reflecting a decrease of 28.3% from the previous year [9] - The bank's price-to-book ratio is projected to decrease from 0.43 in 2023 to 0.38 by 2026 [9][10]

海 外 公 司 （ 中 国 香 港 ） 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 补贴收紧关注利润，盈利能力有望改善 同程旅行(0780) [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.08.21 同程旅行 2024Q2 业绩点评 | --- | --- | |----------|---------------------| | | 于清泰(分析师) | | | 021-38022689 | | | yuqingtai@gtjas.com | | 登记编号 | S0880519100001 | 本报告导读： 业绩符合预期，收益管理补贴收紧支撑业绩逆势稳定增长，盈利能力有望环比改善。 投资要点： [Table_Summary] 维持"增持"评级。考虑行业景气度，下调公司 24/25/26 年经调整 归母净利润至 26.17/30.93/36.17（-0.98/-1.98/-4.09）亿元人民币（下 同），给予 2025 年行业平均 1 ...

Investment Rating - The report maintains an "Overweight" rating for China State Construction Engineering Corporation (CSCEC) [4] Core Views - The market perceives risks associated with CSCEC's real estate inventory and asset quality, but the report argues that the company's asset quality is solid and that it can optimize its business structure for long-term growth [2][3] - The report forecasts EPS growth of 7% in 2024 and 5% in 2025 and 2026, with target price set at 7.76 RMB, corresponding to a PE of 5.5 times for 2024 [3][4] Summary by Sections 1. Investment Recommendation - Maintain "Overweight" rating for CSCEC, citing high cost-performance ratio at current historical valuation levels [15] - EPS forecast for 2024-2026 is 1.40/1.47/1.54 RMB, with growth rates of 7%/5%/5% respectively [3][15] - Revenue and gross profit breakdown shows a balanced structure with housing construction, infrastructure, and real estate each contributing 45%, 25%, and 25% respectively [15] 2. Real Estate Business Strength - The report highlights strong product capability and land acquisition ability in the real estate sector, with controllable impairment risks for inventory assets [12] - Optimized real estate policies in major cities are expected to stabilize the market [12] - New land reserves are primarily located in first- and second-tier cities, with good sales performance for completed projects [12][15] 3. Order Growth in Construction and Infrastructure - The construction business is undergoing significant transformation, with a notable increase in high-end construction projects [12] - New signed orders in infrastructure increased by 35% in the first half of 2024, focusing on energy engineering and new urbanization [12][15] - The report emphasizes the importance of managing investment projects to mitigate impairment risks [12] 4. Market Position and Dividend Yield - CSCEC is recognized as the largest investment and construction group globally, with a current dividend yield of 4.81%, the highest among state-owned construction enterprises [12][15] - The company has maintained a high dividend payout ratio over the past four years, exceeding 20% [12][15] - Institutional holdings are at a historical high of 21.6%, indicating strong market confidence [12][15]

Investment Rating - The report assigns an "Accumulate" rating to the company [3][21]. Core Insights - The gross profit margin continues to improve significantly, with a breakeven point approaching. New orders secured domestically and internationally ensure strong revenue growth in 2025 and 2026, with deep ties to Robotaxi customers [2][3]. Summary by Sections Performance Overview - The company reported a revenue increase of 4.2% year-on-year to 460 million RMB in Q2, with total lidar shipments rising by 66.1% to 86,526 units, including a 76.8% increase in ADAS product shipments to 80,773 units. The comprehensive gross margin improved by 15.3 percentage points year-on-year to 45.1% [3][12]. - The quarterly net loss narrowed significantly by 32.6% to 70 million RMB, driven by high gross margins from product upgrades and increased delivery volumes [3][12]. Earnings Forecast and Investment Recommendations - The revenue forecasts for FY2024E-FY2026E have been slightly adjusted to 21.5 billion, 37.7 billion, and 60.3 billion RMB, respectively. The GAAP net profit estimates are adjusted to -2.8 billion, 3.8 billion, and 10.8 billion RMB for the same periods [3][14]. - The target price is set at $10.73, based on a PS ratio of 4.5X for FY2024, maintaining the "Accumulate" rating [3][14]. Customer Orders and Market Position - The company has secured design collaborations with 19 global OEMs for ADAS, with significant orders expected to ramp up starting in 2025. This includes exclusive mass production partnerships with leading domestic and international automakers [3][14]. - The company is deeply tied to major domestic Robotaxi players, which is expected to drive strong revenue growth in the coming years, particularly with the planned deployment of 100,000 units by Baidu [3][14].

Investment Rating - The report maintains an "Accumulate" rating for the company [5][13]. Core Insights - The company's revenue and profit for the first half of 2024 exceeded expectations, driven by a successful global and multi-category strategy. The IP matrix has formed a strong competitive landscape, contributing to the underlying growth of performance. New categories such as plush toys have seen explosive growth [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 4.56 billion yuan, a year-on-year increase of 62%. The net profit attributable to shareholders was 920 million yuan, up 93.3% year-on-year. Adjusted net profit reached 1.02 billion yuan, growing by 90.1% year-on-year. The gross margin was 64%, an increase of 3.6 percentage points year-on-year, while the adjusted net profit margin was 22.3%, up 3.3 percentage points year-on-year [5][8]. Global Expansion - The company's global layout is entering a harvest period, with revenue from Hong Kong, Macau, Taiwan, and overseas regions reaching 1.35 billion yuan, a year-on-year increase of 259.6%, accounting for 29.7% of total revenue, up 16.3 percentage points year-on-year. The revenue distribution from overseas markets includes Southeast Asia (41.1%), East Asia and Hong Kong, Macau, Taiwan (35.4%), North America (13.2%), and Europe, Australia, and others (10.3%) [5][4]. IP Matrix and Product Categories - The company’s top three IPs, MOLLY, THE MONSTERS, and SKULLPANDA, generated revenues of 780 million, 630 million, and 570 million yuan respectively, with year-on-year growth rates of 90.1%, 292.2%, and 9.2%. Additionally, other IPs such as DIMOO, Hirono, Zsiga, and CRYBABY also achieved over 100 million yuan in revenue during the same period. The company successfully expanded beyond traditional blind box figures, with revenue from figures/derivatives and other categories accounting for 58.3%, 19%, 12.9%, and 9.8% respectively. Notably, plush toys generated 446 million yuan in revenue, nearly a 1000% increase year-on-year, significantly boosting sales for THE MONSTERS and CRYBABY [5][4].

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 股票研究 /[Table_Date] 2024.08.21 | --- | --- | |----------|-------------------------| | | 杨昊(分析师) | | | 021-38032025 | | | yanghao029514@gtjas.com | | 登记编号 | S0880524020001 | 本报告导读： 《黑神话：悟空》销量超预期，或形成"破圈"效应，而产品游玩有上手门槛，或 助力游戏产业用户教育，非传统主机用户涌入也有望促进云游戏需求。 投资要点： [Table_Summary] 事件：2024 年 8 月 20 日，游戏科学公司出品的产品《黑神话：悟 空》上线，截止 20 日晚，销量或已突破 450 万份。 销量或已达到 Steam 平台国产买断游戏历史前三，买断总价次高。 从 Steam 端销量来看，国产买断游戏排名靠前的包括：①《永劫无 间》700 万份（2021 年）；②《鬼谷八荒》390 万份（2021 年）； ③ 《黑 ...