Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 115.43, corresponding to a P/E ratio of 6.2x for 2024 [3]. Core Views - Profit growth is driven by an increase in take rate, a decrease in financing costs, and improved risk metrics, with the take rate being the primary factor for the profit increase [3]. - The company reported a revenue of RMB 8.313 billion for H1 2024, a year-on-year increase of 10.64%, and an adjusted net profit of RMB 2.618 billion, up 23.33% year-on-year [3]. - The report highlights that the company's risk indicators have improved, and financing costs have decreased, leading to an upward adjustment of the adjusted net profit forecasts for 2024-2026 to RMB 5.6 billion, RMB 6.2 billion, and RMB 7.1 billion respectively, reflecting year-on-year growth rates of 26%, 11%, and 15% [3]. Summary by Sections Financial Performance - For Q2 2024, the company achieved a revenue growth of 6.29%, primarily due to a 42% increase in financing income to RMB 1.69 billion, driven by an increase in on-balance sheet loan balances [3]. - The adjusted net profit for Q2 2024 was RMB 1.413 billion, a 23% increase year-on-year, attributed to the expansion of the take rate, which reached 4.4% in Q2 2024 compared to 3.3% in Q2 2023 [3]. - The company’s on-balance sheet loan balance was RMB 157.8 billion, down 14.5% year-on-year [3]. Risk and Management - The report indicates that the company is focusing on risk management and operational efficiency optimization, which is expected to contribute to profit growth in the future [3]. - The company is also progressing with a USD 350 million share repurchase plan, which reflects management's confidence in the company's future [3]. Market Data - The current stock price is HKD 84.45, with a market capitalization of HKD 27.577 billion [5]. - The stock has traded within a range of HKD 53.40 to HKD 84.45 over the past 52 weeks [5].

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 证 券 研 究 报 告 52周内股价走势图 龙湖集团 恒生指数 -55% -44% -32% -21% -9% 2% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 本报告导读： 投资要点： [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 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@gtj ...

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] 2024.08.15 快速下行结束，寻找新的平衡点 [Table_Industry] 房地产 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|--------------------------------|----------------------|---------------------------| | | | | ——地产 7 月观察 | | | [table_Authors] 谢皓宇(分析师) | 白淑媛(分析师) | 黄可意(研究助理) | | | 010-83939826 | 021-38675923 | 010-83939815 | | | xiehaoyu@gtjas.com | baishuyuan@gtjas.com | huangkeyi028691@gtjas.com | | 登记编号 | S0880518010002 | S0 ...

股票研究 /[Table_Date] 2024.08.15 证 券 研 究 报 告 本报告导读： [Table_Report] 相关报告 投资要点： | --- | --- | --- | |----------|---------------------|--------------------------| | | 刘越男(分析师) | 陈笑(分析师) | | | 021-38677706 | 021-38677906 | | | liuyuenan@gtjas.com | chenxiao015813@gtjas.com | | 登记编号 | S0880516030003 | S0880518020002 | [细分行业评级 Table_subIndustry] | --- | --- | |------------|-------| | 批发零售业 | 增持 | | 贸易 | 增持 | 苹果团队正继续试验开发多款智能眼镜产品，国内智能眼镜亦进入到密集的新品发 布期；智能眼镜是理想的 AI Agent 的载体，镜片公司解决"最后一公里"望受益。 批零贸易业《7 月出口数据具韧性，亚马逊 PD 创 新高》 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [3][9]. Core Views - The revenue met expectations while profits exceeded expectations, with an improved competitive landscape benefiting the leading players. The rapid growth of contract liabilities provides assurance for the performance in the second half of 2024, with a focus on the realization of peak season performance [2]. Summary by Sections Financial Performance - For the first half of 2024 (2024H1), the company achieved revenue of 317 million yuan, representing a 68% increase. Gross profit reached 143 million yuan, up 105%, with a gross margin of 44.96%, an increase of 8 percentage points. Adjusted net profit attributable to shareholders was 55 million yuan, a 161% increase, with a margin of 17.18%, up 6.1 percentage points [3][6]. Business Segmentation - The company's full-time review business generated 124 million yuan (+20%), tutoring projects brought in 76 million yuan (+32%), and quality education surged to 118 million yuan (+321%) in 2024H1. The growth was primarily driven by natural increases in core business segments [3]. Contract Liabilities - Contract liabilities grew significantly to 458 million yuan (+184%) in 2024H1, compared to 160 million yuan in 2023H1 and 212 million yuan at the end of the 2023 fiscal year. This growth is attributed to orders for summer and autumn classes, which will contribute to revenue in the second half of the year [3].

——2Q24 中报业绩点评 股 票 研 究 股票研究 /[Table_Date] 2024.08.15 证 券 研 究 报 告 [table_Authors] 訾猛(分析师) 姚世佳(分析师) 021-38676442 021-38676912 zimeng@gtjas.com yaoshijia@gtjas.com 登记编号S0880513120002 S0880520070001 本报告导读： 业绩略低于预期，成本集约效应尚未体现，目前股价对应 2024 年 PE 20X，维持"增 持"评级。 投资要点： [Table_Summary] 投资建议：业绩略低于预期，维持 2024/25/26 年盈利 EPS 预测至 2.98/3.19/3.44 元，目前股价对应 2024 年 PE 20X，维持目标价 80.86 元，维持"增持"评级。 业绩低于预期。根据公司公告 24H1 公司实现营收 88.61 亿元，同比 增长 4.18%，归母净利润 9.01 亿元，同比增长 4.19%，扣非归母净 利润 8.88 亿元，同比增长 3.91%。24Q2 公司实现营收 45.68 亿元， 同比增长 1.54%，归母净利 ...

北京时间8月6日14时42分，我国在太原卫星发射中心使用长征六号改运载火箭，成功将千帆极轨01组卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满 成功。本次发射的千帆卫星为上海微小卫星工程中心研制的"千帆星座"首批18颗卫星，发射任务的成功开启了中国商业卫星互联网的太空组网之路。 卫星互联网全球竞争白热化，已成为战略性发展方向。卫星互联网是指发射数百颗乃至数万颗小型卫星，组成卫星星座，每颗卫星都是"空中基站"，为全球范围内 的用户提供灵活便捷互联网接入服务。卫星互联网是继固定通信网、移动通信网络之后新兴的信息通信基础设施，将是未来6G 网络的重要组成部分。SpaceX于 2015年提出"星链"低轨卫星互联网系统，预计完成4.2万颗低轨卫星部署，实现全球高速互联网服务覆盖。自2018年以来，SpaceX已向太空发射了近6000颗卫 星，而低轨领域的资源，无论是轨道还是频谱，都是有限且不可再生的。根据赛迪顾问《中国卫星互联网产业发展研究白皮书》中的数据，目前近地轨道可容纳约 6万颗卫星，预计到2029年，地球近地轨道将部署约5.7万颗低轨卫星，轨位可用空间将所剩无几。SpaceX的攻城略地，使得全球卫星互联网 ...

2024.08.15 31 期 产品研究中心 [Table_Authors] 赵子健(分析师) 021-38032292 zhaozijian@gtjas.com 登记编号 S0880520060003 徐淋(分析师) 021-38677826 xulin028941@gtjas.com 登记编号 S0880523090005 [Table_Report] 往期回顾 摘要: [Table本周欧洲碳市场碳配额交易价格小幅上涨： _Summary] 欧洲市场，EUA 现货价格与期货价格本周 小幅上涨，涨幅分别为 2.07%、2.05%；美国市场，EUA 期货价格本周涨幅为 1.99%， UKA 期货价格本周降幅为 1.69%；韩国市场，KAU23 现货价格本周降幅为 0.22%。 本周欧美碳市场碳配额成交量有所减少：欧洲市场，EUA 现货本周共成交 17.5 万吨， 较上周减少 73.16%，EUA 期货本周共成交 435.2 万吨，较上周减少 0.21%；美国市 场，EUA 期货本周共成交 130.78 百万吨，较上周减少 20.97%；韩国市场，KAU23 现 货本周共成交 93.07 万吨，较上周增加 23 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] - The target price is set at 39.80, with the current price at 30.68 [4] Core Insights - The company's profitability continues to recover, with rapid growth in emerging sectors becoming a new growth driver [2][4] - For the first half of 2024, the company reported revenue of 873 million, a year-on-year increase of 15.16%, and a net profit attributable to shareholders of 218 million, up 47.45% year-on-year [9] - The growth in revenue and profit is attributed to the optimization of product and customer structures, accelerated inventory digestion, and a gradual recovery in downstream market demand [9] Financial Performance - The company’s Q2 2024 revenue was 502 million, a quarter-on-quarter increase of 35.01%, with a net profit of 118 million, up 17.5% [9] - The gross margin for Q2 2024 was 35.78%, marking three consecutive quarters of growth [9] - The company’s EPS for 2024 is projected to be 1.13, with a downward adjustment from previous estimates due to stock expansion and lower-than-expected product price rebounds [9][10] Market Position and Growth Drivers - The automotive sector saw a significant increase, with product supply growing over 50% year-on-year in the first half of 2024, and the company has delivered products to nearly 100 Tier 1 manufacturers [9] - In the AI sector, the company is expanding its market share in traditional server markets and has achieved large-scale sales in GPU applications [9] - The report highlights catalysts such as the acceleration of AI computing infrastructure and the company's increasing market share [9]

事件：湖北发布新一轮以旧换新活动细则方案，对空调(含央空)、电视机、冰箱(冰柜)、洗衣机(干衣机)、吸油烟机、燃气灶(含集成灶)、热水器、 电脑8类家电产品予以换新补贴。消费者在上传旧家电回收资料领取换新资格后，线下购买二级能效产品补贴15%，一级能效则补贴20%，单件商品 补贴上限2000元，补贴通过云闪付发放。每位消费者每类产品可享受补贴1件，8类产品最多可享受8件商品补贴。 着重撬动大家电消费，形式相较往年更易参与。相较2024年6月初出台的细则：1）本轮在补贴品类上有所收窄，从17类缩减至8类，补贴力度集中 在大家电领域；2）补贴上限从10%提升至最高20%，单件商品补贴不超过1000元提升至2000元；3）补贴总额未发生变化，共计3.5亿元，其中 3亿元用于换新补贴，0.5亿元用于回收补贴。而2023年6月湖北家电消费券补贴活动，补贴总额同为3亿元，券值分别为100、300、500元，但 设有10倍核销门槛，补贴比例< =10%。因此复盘来看，本轮以旧换新补贴，补贴力度提升明显，同时参与相对更为容易，对于消费者吸引力更 强。 湖北家电零售增速突出，下半年有望进一步提升。根据湖北省商务厅公告，2023 ...