Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The current consumer environment is weak, putting pressure on the company's same-store sales and expansion efforts, with expectations for stabilization and recovery [2]. - The forecast for adjusted net profit for 2024-2026 has been revised down to RMB 198 million, RMB 286 million, and RMB 358 million, reflecting a growth rate of -45%, 44.5%, and 25% respectively [3]. - The company is expected to experience a double-digit decline in same-store sales in H1 due to a weak external consumption environment, with store numbers remaining stable compared to the previous year [3]. - The company has launched the first industry standard for "Fresh Cut Fruit Raw Materials" to enhance brand effect and fulfill social responsibility [3]. - A long-term perspective indicates that organizational structure optimization and clear strategic direction are expected to lay a foundation for sustainable development [3]. Summary by Sections Financial Summary - Revenue for 2024 is projected at RMB 10,124 million, with a year-on-year decline of 11.1% [6]. - Adjusted net profit for 2024 is expected to be RMB 198 million, down 45.3% from the previous year [6]. - The company’s PE ratio is projected to decrease from 26.51 in 2024 to 8.29 in 2026, indicating a potential increase in value [6]. Market Data - The current stock price is HKD 1.87, with a 52-week price range of HKD 1.87 to HKD 6.56 [4]. - The current market capitalization is HKD 2,971 million [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 示范区落地，交通信息化景气度再获验证 [Table_Industry] 计算机 2024.07.25 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_subIndustry] 细分行业评级 计算机 增持 | --- | --- | |-------------------|-------------------| | 李沐华](分析师) | 李博伦(分析师) | | 010-83939797 | 0755-23976516 | | limuhua@gtjas.com | libolun@gtjas.com | | S0880519080009 | S0880520020004 | 本报告导读： 公路水路交通技术设施数字化转型升级示范区落地，交通信息化行业景气度再度提 升。 [Table_Report] 相关报告 计算机《谋划新一轮财税体制改革，财税信 息化需求急升》 2024.07.09 计算机《聚焦 AI 治理，AI 性能和安全是一 体两翼》 2024. ...

Investment Rating - The report maintains a "Buy" rating for Google (GOOGL US) with a target price of $208 [2][3] Core Views - Google's FY24Q2 revenue and profit slightly exceeded expectations, driven by strong performance in search and cloud businesses [1] - AI is identified as a key growth driver, with the company optimistic about AI prospects [1] - FY24Q2 revenue reached $84 74 billion, up 14% YoY, surpassing market expectations of $84 37 billion [2] - Adjusted EPS for FY24Q2 was $1 89, up 31% YoY, slightly above the market expectation of $1 84 [2] - Operating margin improved to 32%, up 3 2 percentage points YoY, due to effective cost and expense control [2] Business Segment Performance - Google Services revenue grew 11 5% YoY to $73 9 billion in FY24Q2 [2] - Search advertising revenue reached $64 6 billion, up 11% YoY, driven by retail and financial advertising growth [2] - YouTube advertising revenue grew 13% YoY, while Google Network revenue declined 5 2% [2] - Google Cloud revenue surged 29% YoY to $10 3 billion, achieving $1 billion in operating profit [2] - AI infrastructure and generative AI solutions have generated billions in revenue, with over 2 million developers using these services [2] Financial Projections - Revenue forecasts for FY2024E-FY2026E adjusted to $349 5/$383 0/$414 8 billion (previous $356 7/$393 0/$427 9 billion) [2] - Net profit forecasts for FY2024E-FY2026E raised to $94 6/$107 3/$115 8 billion (previous $86 6/$98 6/$106 7 billion) [2] - 2025 P/E ratio set at 24X, implying a target market capitalization of $2 58 trillion [2] Capital Expenditure - FY24Q2 CAPEX reached $13 2 billion, up 91% YoY, driven by infrastructure needs [12] - The company expects quarterly CAPEX to remain at or slightly above $12 billion for FY2024 [1][2] Market Data - Current stock price: $183 60 [3] - 52-week price range: $121 26-$193 31 [4] - Current market capitalization: $2 27 trillion [4]

Investment Rating - The report maintains an "Accumulate" rating for Inner Mongolia Huadian [3][4] Core Views - The company's coal-electricity integration advantage is significant, highlighting its stable asset attributes [4] - The report projects stable earnings with EPS estimates of 0.36, 0.43, and 0.46 CNY for 2024 to 2026, and maintains a target price of 5.16 CNY [4] - The company reported a 1H24 electricity sales volume of 26.37 billion kWh, a year-on-year decrease of 0.41%, with an average electricity price of 340.4 CNY/MWh, down 5.23% year-on-year [4] Summary by Sections Sales and Pricing - In 2Q24, the company’s electricity sales volume was 13.01 billion kWh, showing a year-on-year increase of 0.3% but a quarter-on-quarter decrease of 2.5% [4] - The average electricity price in 2Q24 was estimated at 0.330 CNY/kWh, down 2.6% year-on-year and 5.9% quarter-on-quarter [4] Coal Production and Pricing - The company produced 3.542 million tons of coal in 2Q24, with a year-on-year increase of 1.9% and a quarter-on-quarter increase of 7.8% [4] - The average coal price in 2Q24 was 416.3 CNY/ton, reflecting a year-on-year increase of 3.5% [4] Financial Performance - The company’s total revenue for 2024 is projected at 21.971 billion CNY, a decrease of 2.5% from 2023 [8] - Net profit attributable to the parent company is expected to be 2.342 billion CNY in 2024, representing a year-on-year increase of 16.8% [8] Asset and Debt Management - The company’s total assets were reported at 39.875 billion CNY for 2024, with total liabilities of 15.310 billion CNY [9] - The net debt ratio stands at 39.26% [6] Future Outlook - The company aims to increase coal production to 15 million tons in 2024, enhancing its coal-electricity synergy [4] - The report indicates that the company is actively pursuing renewable energy projects, with a total installed capacity of approximately 1.19 GW as of May 2024 [4]

Investment Rating - The report indicates a positive outlook for the industry, particularly for innovative medical products and high-demand categories due to the DRG payment reform [2]. Core Insights - The DRG 2.0 version was released by the National Healthcare Security Administration, which aims to optimize payment grouping and enhance clinical relevance, with a focus on 13 medical disciplines [1]. - The new grouping scheme has improved the grouping efficiency (RIV) to 71%, an increase of 3 percentage points from the previous version, and the inclusion rate has reached 92.8%, up by 1 percentage point [1]. - The report emphasizes the ongoing support for special case negotiations and the exploration of exclusion mechanisms, which are expected to enhance transparency and operational feasibility for innovative medical device companies [1]. Summary by Sections DRG 2.0 Implementation - The DRG 2.0 version is set to be implemented by the end of 2024, building on previous versions while aligning more closely with clinical practices [1]. - The updated grouping scheme includes enhancements for critical care, oncology, and other specialized fields, making it more scientifically sound [1]. Special Case Negotiations - The report outlines that special case negotiations will not exceed 5% of total DRG discharges, aiming for a more standardized approach across regions [1]. - The notification serves to raise awareness and understanding of the special case negotiation mechanism among healthcare providers [1]. Impact on Innovation - The DRG payment reform is expected to benefit truly innovative medical products and those with high cost-effectiveness, supporting the dual themes of innovation and domestic substitution in the industry [2].

Group 1: Budget Overview - The Indian government announced a fiscal budget with a stimulus plan of ₹2 trillion (approximately $23.9 billion) aimed at job creation and economic stimulation[1] - The budget targets a fiscal deficit of 4.9% of GDP for FY 2025, down from 8.6% in 2023, indicating a tightening fiscal policy[13] - Key focus areas include infrastructure, manufacturing, and foreign direct investment (FDI) encouragement[1] Group 2: Market Reactions - Following the budget announcement, the Nifty 50 index dropped by 1.8% and the SENSEX 30 index fell by 1.5% before recovering slightly[10] - The Indian rupee hit a historic low of ₹83.6788 against the dollar, reflecting market volatility[10] - The government raised short-term capital gains tax from 15% to 20% and long-term capital gains tax from 10% to 12.5%, marking the first increase since 2008[10] Group 3: Tax and Trade Policies - Import duties on gold and silver were reduced from 15% to 6%, which may support global gold prices but could increase trade deficits[25] - The budget includes a reduction in corporate tax rates from 40% to 35% to attract foreign investment[53] - The government aims to simplify regulations for foreign investments, enhancing India's appeal to international investors[55] Group 4: Risks and Considerations - Political uncertainties and geopolitical tensions pose risks to the stability of the Indian market[60] - Historical experiences of foreign companies facing penalties in India highlight potential challenges for international investors[56] - The budget's tax increases may have short-term negative impacts on capital markets, but could lead to a more sustainable investment environment in the long run[59]

Investment Rating - The report assigns an "Overweight" rating to Google (GOOGL.US) [1][3]. Core Insights - Google's Q2 FY24 revenue and profit slightly exceeded expectations, driven by strong growth in search and cloud businesses, with AI being a significant growth driver [1][3]. - The company remains optimistic about the future of AI, expecting quarterly CAPEX to maintain or slightly exceed $12 billion in FY24 [1][3]. Revenue and Profit Performance - Google achieved Q2 FY24 revenue of $84.74 billion, a year-on-year increase of 14%, slightly above the market expectation of $84.37 billion [3]. - Adjusted EPS for Q2 FY24 was $1.89, up 31% year-on-year, also exceeding market expectations of $1.84 [3]. - Operating margin for Q2 FY24 was 32%, up 3.2 percentage points year-on-year, attributed to ongoing cost and expense control [3][8]. Segment Revenue Growth - Revenue from Google Services in Q2 FY24 was $73.9 billion, a year-on-year increase of 11.5%, with advertising revenue reaching $64.6 billion, up 11% [3]. - Google Cloud revenue for Q2 FY24 was $10.3 billion, a year-on-year increase of 29%, contributing $1 billion in operating profit [3][10]. Capital Expenditure and AI Investment - Capital expenditure for Q2 FY24 reached $13.2 billion, primarily driven by infrastructure needs, with expectations for FY24 quarterly CAPEX to remain at or slightly above $12 billion [3][12]. - The company believes that the risks of insufficient investment in AI far outweigh those of over-investment [3][12]. Financial Forecasts - Revenue forecasts for FY2024E-FY2026E have been adjusted to $349.5 billion, $383 billion, and $414.8 billion, respectively, with net profit forecasts raised to $94.6 billion, $107.3 billion, and $115.8 billion [3][13]. - The target price for Google has been raised to $208, with a P/E ratio of 24X for 2025, corresponding to a target market capitalization of $2.58 trillion [3][13].

Investment Rating - The report assigns an "Overweight" rating to Tesla (TSLA.US) with a target price of $285 [2][9]. Core Insights - Short-term pressure on automotive gross margins is noted, while new model progress remains stable. Full Self-Driving (FSD) is expected to launch in China and Europe by the end of the year, with ongoing advancements in autonomous driving technology [1][6]. - The automotive business generated $19.9 billion in revenue for Q2, a year-over-year decrease of 7%, but exceeded expectations due to significant carbon credit revenue [6][9]. - The introduction of lower-priced models is anticipated in the first half of 2025, with the Roadster also set to begin production in 2025 [6][9]. Summary by Sections 1. Performance Overview - Automotive gross margins are under pressure, with Q2 automotive revenue at $19.9 billion, down 7% year-over-year. The gross margin for automotive sales, excluding carbon credits, was 13.9%, reflecting a decline due to price reductions [6][9]. - Q2 deliveries reached 444,000 units, surpassing expectations, while production was limited to 411,000 units due to inventory reduction efforts [6][9]. 2. Earnings Forecast and Investment Recommendations - Revenue projections for FY2024E-FY2026E have been slightly adjusted to $103 billion, $121.3 billion, and $137.4 billion, respectively. Corresponding net profit estimates are adjusted to $9 billion, $13.8 billion, and $17.2 billion [6][9]. - The report emphasizes the long-term growth potential in energy storage and robotics, alongside the anticipated rollout of Robotaxi services [6][9].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The report highlights investment opportunities in energy-saving and carbon reduction transformations in the power sector [2]. - The average coal consumption for power generation has been decreasing, and the carbon emission benchmark for coal-fired power plants is also declining annually [6][7]. - The report emphasizes the importance of the "Coal Power Low Carbon Transformation Construction Action Plan (2024-2027)" issued by the National Development and Reform Commission and the National Energy Administration, which sets a target to reduce average carbon emissions from coal-fired power plants by 50% by 2027 [6][7]. Summary by Sections Weekly Investment Perspective - The coal power low carbon transformation has made initial progress, with a clear funding support mechanism in place [6]. - The plan aims for the first batch of coal power low carbon transformation projects to commence by 2025, with a requirement to reduce carbon emissions by 20% compared to 2023 levels [6]. - The report outlines pathways for low carbon transformation, including biomass power generation, co-firing green ammonia, and carbon capture utilization and storage [6][7]. Environmental Sector Weekly Performance - The environmental sector, gas, water, and electricity indices experienced fluctuations of -1.62%, -1.45%, -2.08%, and +0.22% respectively [3]. - The top five gainers in the environmental sector were: Shijin Technology (+9.85%), Zhongchuang Environmental Protection (+8.47%), Juguang Technology (+6.16%), Guozhong Water (+4.73%), and Landun Optoelectronics (+4.24%) [3]. - The top five decliners included: Kailong High-Tech (-19.79%), Boschke (-9.15%), Sains (-8.29%), Yueyang Lin Paper (-8.29%), and Tianrui Instrument (-8.23%) [3]. Carbon Neutrality Sector Tracking - The national carbon market saw a transaction of 644,800 tons of carbon emission allowances (CEA), a decrease of 43% from the previous week, with an average transaction price of 90.20 yuan/ton [10]. - Local exchanges reported a transaction of 589,900 tons of carbon allowances, an increase of 54%, with an average price of 53.30 yuan/ton [10]. - The report notes that the highest average price for carbon allowances was in Beijing at 97.96 yuan/ton, while the lowest was in Fujian at 28.98 yuan/ton [10]. Important Events in the Environmental Industry - The "Supervision and Management Measures for Marine Discharge Outlets (Trial)" was approved, emphasizing the need for effective management to reduce pollution entering marine environments [13]. - The report mentions the release of the "Carbon Benefit Project Emission Reduction Accounting Technical Specification for Low-Carbon Travel" by the Beijing-Tianjin-Hebei region, effective from October 1, 2024 [12]. Major Announcements from Environmental Listed Companies - Tongxing Environmental Protection expects a net profit of 18.21 million to 22.95 million yuan for the first half of 2024, a year-on-year decline of 42.29% to 54.20% [14]. - Delin Hai anticipates a revenue of 190 million to 240 million yuan for the same period, representing a growth of 79.83% to 127.16% compared to the previous year [14]. - Juguang Technology expects a net profit of 44 million to 47 million yuan for the first half of 2024 [14].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, consistent with the previous rating [1]. Core Insights - Tesla's progress on Full Self-Driving (FSD), new vehicles, and robots is steadily advancing, with the timeline adjustments not altering Tesla's long-term growth trajectory. The timeline for FSD's entry into China is becoming clearer, and the automotive intelligence sector continues to benefit [2][3]. - Tesla's Q2 2024 financial results show revenue of $25.5 billion, a 2% year-on-year increase, while automotive revenue was $19.9 billion, a 7% year-on-year decrease. Non-GAAP net profit was $1.81 billion, down 42%, and GAAP net profit was $1.48 billion, down 45%. Tesla delivered 444,000 vehicles in Q2 2024, a 5% decrease [3]. Summary by Sections Investment Recommendations - The report recommends core suppliers in Tesla's industry chain, including Desay SV, Coboda, and Xingyu Co., as beneficiaries of the automotive intelligence sector. For robotics commercialization, it suggests suppliers like Top Group and Shuanghuan Transmission, with additional beneficiaries including Sanhua Intelligent Control [3]. Key Events - Tesla plans to launch FSD in China, Europe, and other countries by the end of the year, with the Robotaxi release postponed to October 10. The new vehicle rollout is expected to utilize existing production lines, and the construction of the Mexico factory is on hold until after the U.S. elections [3]. Financial Performance - Tesla's Q2 2024 results indicate a revenue of $25.5 billion, with automotive revenue at $19.9 billion. The company reported a decrease in net profits and vehicle deliveries compared to the previous year [3].