Investment Rating - The investment rating for the company is "Buy" with a target price of 5.50 HKD [2] Core Insights - The company achieved a robust revenue growth of 17.8% year-on-year, reaching 40.08 billion HKD in the first half of 2024, driven by significant increases in enterprise services and cloud computing, which grew by 24.3% and 29% respectively [1] - Despite the revenue growth, the company's gross margin declined by 1.1 percentage points to 4.4%, leading to a 9.7% decrease in net profit attributable to shareholders, amounting to 453 million HKD [1] - The cloud computing segment showed exceptional performance, with a 29.2% increase in revenue to 15.61 billion HKD, and the overall AI business grew by 100% year-on-year [1] - The Southeast Asian market demonstrated impressive growth, with revenue increasing by approximately 60.8% to 13.66 billion HKD, accounting for 34.1% of total revenue [1] - The company is expected to benefit from an increase in overseas market contributions, which may help restore profit performance despite short-term domestic market challenges [1] Revenue Breakdown - Total revenue for the first half of 2024 was 40.08 billion HKD, with the consumer electronics segment growing by 8.9% to 15.99 billion HKD, and the enterprise systems segment increasing by 24.3% to 22.53 billion HKD [1] - The cloud computing division's revenue reached 15.61 billion HKD, marking a 29.2% year-on-year growth [1] Market Performance - The North Asia region accounted for 65.9% of total revenue, while the Southeast Asia market's contribution rose significantly [1] - The company has received recognition from major cloud service providers, indicating strong operational capabilities in cloud computing [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 16.4, indicating a potential upside of 28% from the current stock price [1][2][4]. Core Insights - The dairy industry is under pressure with oversupply leading to a decline in performance, resulting in a revenue drop of 12.6% to HKD 446.7 billion and a net profit decrease of 17.2% to HKD 25.3 billion in the first half of 2024 [1]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to HKD 44.4 billion, HKD 49.4 billion, and HKD 53.3 billion respectively, with corresponding EPS of HKD 1.20, HKD 1.33, and HKD 1.44 [1][2]. Revenue Breakdown - Liquid milk revenue fell by 12.9% to HKD 362.6 billion, while operating profit decreased by 9.5% to HKD 25.5 billion, maintaining a profit margin of 7.2% [1]. - Ice cream revenue dropped by 21.8% to HKD 33.7 billion, with operating profit down 46% to HKD 3.8 billion, resulting in a profit margin of 11.4% [1]. - Cheese revenue decreased by 6.3% to HKD 21.1 billion, but operating profit increased by 56% to HKD 1.2 billion, achieving a profit margin of 5.6% [1]. - Milk powder revenue fell by 13.7% to HKD 16.4 billion, but the business turned profitable for the first time in three years with an operating profit of HKD 0.23 billion [1]. Profitability and Cost Management - The company's operating profit for the first half of 2024 was HKD 31.2 billion, with an operating profit margin of 7%, and a gross margin of 40.3% [1]. - The report highlights the company's efforts in cost control, which led to a slight increase in operating profit margin despite rising sales expenses [1]. Shareholder Returns - The company announced a share buyback plan of up to HKD 2 billion, representing 4% of its total market capitalization, and plans to increase its dividend payout ratio, which was 40% in 2023 [2]. Valuation Analysis - The report employs comparable company analysis and DCF methods for valuation, concluding a target price of HKD 16.4 based on a 2025 forecast PE of 12x and a DCF valuation suggesting a price of HKD 16.8 [8]. Financial Forecasts - The company forecasts a revenue of HKD 90.1 billion for 2024, with a projected net profit of HKD 4.4 billion, reflecting a net profit margin of 4.9% [13]. - The report anticipates a gradual recovery in revenue growth rates in the following years, with expected growth rates of 4.5% for 2025 and 4.5% for 2026 [13].

Investment Rating - No explicit investment rating provided in the report [4] Core Views - Shenzhou International's revenue grew by 12.2% YoY in H1 2024, with net profit attributable to shareholders increasing by 37.8% YoY [1] - Gross margin improved significantly by 6.6 percentage points YoY, exceeding expectations [1][3] - Overseas capacity expansion and efficiency improvements are expected to drive further performance growth [1][3] Revenue Breakdown By Product Category - Sportswear revenue increased by 7.6% YoY to RMB 9.213 billion, accounting for 71% of total revenue, driven by rising demand in mainland China [2][6] - Casualwear revenue grew by 20% YoY to RMB 2.761 billion, accounting for 21.3% of total revenue, supported by demand from Japan, Europe, and other markets [2][6] - Underwear revenue surged by 47.4% YoY to RMB 903 million, accounting for 7% of total revenue, primarily due to increased demand in Japan [2][6] - Other knitwear revenue increased by 12.2% YoY to RMB 100 million, accounting for 0.8% of total revenue [2][6] By Region - China market revenue grew by 20% YoY to RMB 3.72 billion, accounting for 28.7% of total revenue, driven by sportswear demand [2][7] - Europe market revenue increased by 4.4% YoY to RMB 2.527 billion, accounting for 19.5% of total revenue, supported by casualwear orders [2][7] - Japan market revenue rose by 27% YoY to RMB 2.12 billion, accounting for 16.3% of total revenue, driven by casualwear and underwear demand [2][7] - US market revenue grew by 2.7% YoY to RMB 1.88 billion, accounting for 14.5% of total revenue, supported by sportswear orders [2][7] - Other markets revenue increased by 7.4% YoY to RMB 2.73 billion, accounting for 21% of total revenue, driven by casualwear demand in South Korea, Australia, and Southeast Asia [2][7] By Key Clients - Top four clients (Uniqlo, Nike, Adidas, Puma) contributed 79.5% of total revenue, with a YoY growth of 11.7% [2][7] - Uniqlo became the top contributor with revenue of RMB 3.4 billion (+33.8% YoY), driven by casualwear and underwear orders [2][7] - Nike revenue declined by 6.5% YoY to RMB 3.24 billion due to price reductions, though volume grew by 1-2% [2][7] - Adidas revenue increased by 23.8% YoY to RMB 2.33 billion, while Puma revenue remained stable at RMB 1.34 billion [2][7] - Domestic clients (Li-Ning, Anta, Xtep) accounted for 11.2% of total revenue, up 0.4 percentage points YoY [2][7] - Lululemon revenue grew by over 60% YoY, and the company added a new client, LACOSTE [2][7] Profitability and Margins - Gross margin reached 29% in H1 2024, up 6.6 percentage points YoY, driven by improved capacity utilization and overseas factory efficiency [3][8] - Net profit margin attributable to shareholders was 22.6%, up 4.2 percentage points YoY [3][8] - Core profit, excluding government subsidies and exchange gains, increased by 61.1% YoY to RMB 2.76 billion [3][8] Overseas Capacity Expansion - Vietnam's new factory increased fabric capacity from 400 tons/day to 600 tons/day [3][10] - A new factory in Cambodia with 12,000 employees is under construction and expected to partially operate by 2025 [3][10] - Total employee count reached 102,000 in H1 2024, with 10,000 new hires, including 2,200 in Vietnam and 18,000 in Cambodia [10] Dividend Policy - The company maintains a stable dividend payout ratio of 50-60%, with an interim dividend of HKD 1.25 per share, representing a payout ratio of 58.5% [9] Inventory and Raw Materials - Inventory turnover days remained stable at 127 days in H1 2024, with higher inventory levels in the first half due to pre-stocking for future production [9] - The company's main raw material is cotton yarn, with inventory levels reflecting raw material stock [9]

2024 年 9 月 4 日 中集集团（2039.HK） 集装箱量利齐升，海工板块持续改善 事件：中集集团公布 2024 年中期业绩，上半年公司实现营收 791 亿元，同 比增加 30.6%；实现归母净利润 8.66 亿元，同比增加 117.2%。因为全球集 装箱贸易需求恢复，叠加地缘不确定性因素，集装箱行业快速回暖，板块收 入利润高增；贸易高增及换新周期来临，我们对集装箱需求保持乐观。此外 海工板块盈利能力改善，亏损进一步收窄，订单大幅增加。公司未来整体业 绩预计持续向好，推荐关注。 报告摘要 上半年营收同比增加 30.6% 上半年公司实现营收 791 亿元，同比增加 30.6%； 归母净利润 8.7 亿元，同比增加 117.2%；扣非归母净利润 8.2 亿元，同比下 降 16%。受益于自年初以来的集装箱行业整体回暖复苏公司集装箱板块的收 入大幅增加，以及公司海工板块收入快速增加，两者共同带动营收及利润同 比大幅提升。单季度看 2024 年 Q1/Q2 分别实现营收 324 亿元/467 亿元，环 比增加 43.9%；归母净利润分别为 0.8 亿元/7.8 亿元，环比增加 835%；扣非 归母净利润分别为 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.8 [5][3] Core Insights - The company reported a revenue growth of 6% year-on-year for the first half of 2024, with a gross margin increase of 1.1 percentage points to 73.19%. However, the net profit attributable to shareholders decreased by 32% [1][2] - The company's MaaS (Mobility as a Service) business showed a slight decline of 2% in revenue to HKD 4.21 billion, but began to recover from June 2024. The BaaS (Banking as a Service) business grew by 11% to HKD 9.00 billion, driven by a 20% increase in revenue from the financial sector [2][3] - The adjusted net profit, excluding stock option expenses, was HKD 1.97 billion, reflecting a 13% decline year-on-year [2][3] Financial Performance Summary - Revenue for 2024 is projected at HKD 3.02 billion, with a growth rate of 12.8% [4] - The net profit attributable to shareholders is forecasted to be HKD 313.88 million in 2024, a decrease of 7.8% compared to the previous year [4] - The adjusted net profit is expected to grow by 7% in 2024, reaching HKD 401.88 million [4][3] - The company’s gross margin is expected to stabilize at 72.5% for the next few years [11] Business Development and AI Investment - The company is focusing on AI research and development, enhancing its product offerings in vertical markets. It has integrated various AI technologies to improve its service capabilities [2][3] - The company aims to expand its AI applications, including a commercial version of a 3D digital human for customer interactions in various sectors [2][3] Market Position and Valuation - The company’s current P/E ratios are projected to be 11.17, 8.60, and 7.34 for the years 2024, 2025, and 2026 respectively, indicating attractive valuation levels [3] - The target price of HKD 11.8 corresponds to a 16x P/E ratio based on industry performance [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 12.0, down from HKD 14.3 [5][3]. Core Insights - The company's total revenue for the first half of 2024 decreased by 23% year-on-year, with payment business GPV and revenue declining by 18% and 27% respectively. However, the increase in the proportion of merchant solutions revenue has led to an improvement in overall gross margin [2][3]. - The report anticipates that payment revenue will stabilize in the second half of 2024, projecting adjusted net profits of RMB 250 million and RMB 320 million for 2024 and 2025 respectively [3][2]. Financial Performance Summary - Total revenue for the first half of 2024 was RMB 1.58 billion, with a year-on-year decline of 23%. The one-stop payment service revenue fell by 27% to RMB 1.35 billion, accounting for 85% of total revenue. Merchant solutions revenue increased by 21% to RMB 200 million, raising its share to 13% [2][3]. - Gross profit decreased by 18% to RMB 300 million, with merchant solutions contributing 61% and one-stop payment contributing 31% to gross profit. The overall gross margin improved to 19% due to the higher margin of merchant solutions [2][3]. - The company reported a net profit of RMB 31.6 million, a decline of 5% year-on-year, with adjusted EBITDA falling by 44% to RMB 160 million, primarily due to the drop in payment revenue and adjustments in non-recurring income [2][3]. Business Segment Analysis - Payment business GPV for the first half of 2024 was RMB 1.2 trillion, down 18% year-on-year. The overall payment fee rate was 12.3 bps, compared to 14.1 bps in the first half of 2023 [2][3]. - The number of active merchants in the merchant solutions segment reached approximately 1.6 million, a year-on-year increase of 6%, indicating improved penetration into payment merchants [2][3]. - The e-commerce service segment reported a revenue decline of 52% to RMB 29 million, but the net loss narrowed to RMB 15.6 million, reflecting an optimization in the business model [2][3]. Future Outlook - The report expects macroeconomic consumption to remain weak in July and August, but anticipates a slowdown in the year-on-year decline of payment business GPV to 8% in the second half of 2024, with payment revenue expected to stabilize [3][2]. - The company has announced a USD 10 million share buyback plan to enhance shareholder returns, which may provide some support for the stock price [3][2].

Investment Rating - Maintains a "Buy" rating with a target price of HKD 20.2, representing a 24% upside from the current price [1][2] Core Views - The company's revenue for the first half of 2024 reached HKD 8.7 billion, a year-on-year increase of 12.4%, with net profit of HKD 680 million, up 33% year-on-year [1] - Expected net profits for 2024/2025/2026 are HKD 900 million, HKD 970 million, and HKD 1.09 billion, respectively, with corresponding EPS of HKD 1.12, HKD 1.20, and HKD 1.34 [1][2] - The tobacco leaf import business grew by 5.5% in revenue, driven by a 4.1% price increase, while the export business grew by 23%, with a 13.1% price increase [2] - Cigarette export revenue surged by 128%, with a 96% increase in volume, reaching 1.1 billion sticks, still below pre-pandemic levels of 5.5 billion sticks annually [2] - New tobacco products saw a 28.4% revenue increase, with a 41.3% volume growth despite a 9.1% price decline [2] - The Brazilian tobacco business contributed HKD 390 million in revenue, up 42.7%, driven by a 67% price increase despite a 14.5% volume decline [2] - The company declared its first interim dividend of HKD 0.15 per share, with an expected dividend yield of 2.6% for the year [2] Financial Performance - Revenue for 2024E is projected at HKD 13.1 billion, with a 10.7% growth rate, followed by 10.0% and 10.2% growth in 2025E and 2026E, respectively [3][8] - Gross margin improved to 10.9% in H1 2024, up 1.4 percentage points year-on-year, with further improvements expected to 11.1%, 11.2%, and 11.4% in 2024E, 2025E, and 2026E [2][3] - Net profit margin is forecasted to rise to 6.9% in 2024E, up from 5.8% in 2023A, and remain stable at 6.8% in 2025E and 2026E [3][8] - ROE is expected to peak at 29.7% in 2024E before moderating to 26.1% and 24.4% in 2025E and 2026E, respectively [3][16] Valuation Analysis - Comparable company analysis suggests a 16x PE multiple for 2025E, implying a target price of HKD 19.2 [9] - DCF valuation, assuming a WACC of 10% and a long-term growth rate of 2%, yields a fair value of HKD 21.3 [9] - The blended target price of HKD 20.2 is based on a combination of comparable company and DCF valuations [9] Industry and Business Outlook - The tobacco leaf import and export businesses are in an upward cycle, benefiting from rising prices and volume growth [2] - Post-pandemic recovery in passenger traffic has driven a rebound in cigarette exports, with significant growth potential as volumes remain below pre-pandemic levels [2] - Expansion in new tobacco products and potential M&A activities are identified as future growth drivers [2] - The company's strategic focus on higher-margin self-operated businesses and new product launches is expected to sustain profitability [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.4, indicating a potential upside of 38% from the current price of HKD 3.89 [4][2][8]. Core Insights - The company reported a strong revenue growth of 66% year-on-year for the first half of 2024, reaching HKD 770 million, with a net profit of HKD 107 million, up 26% year-on-year [1][2]. - The acquisition of a 42% stake in CQV has positively impacted revenue, with a comparable growth rate of 31.5% when excluding the consolidation effect [1]. - The company has expanded its production capacity with the commissioning of a new plant, expected to contribute an additional 6,000 tons of pearl pigment output in 2024 [1][2]. Revenue Performance - Revenue for the first half of 2024 was HKD 770 million, a 66% increase compared to the previous year [1]. - The revenue from synthetic mica pearlescent pigments was HKD 269 million, up 46%, while natural mica pearlescent pigments generated HKD 278 million, a 37% increase [1]. - The sales volume of pearlescent pigments reached 11,400 tons, a 24% increase, with an average selling price of HKD 61,000 per ton, up 7.5% [1]. Profitability Metrics - The gross margin improved to 50.1%, an increase of 1.6 percentage points year-on-year, driven by lower raw material costs and an enhanced product mix [1]. - Selling expenses increased, with a ratio of 6.5% of revenue, reflecting higher costs associated with the CQV acquisition [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be HKD 300 million, HKD 350 million, and HKD 430 million, respectively, with corresponding EPS of HKD 0.20, HKD 0.24, and HKD 0.30 [2][3]. Capacity Expansion - The company’s existing production capacity for pearlescent pigments is 18,000 tons, nearing full capacity, with a new plant launched in February 2024 designed for 30,000 tons [1]. - The new facility is noted to be the largest and most advanced in the world, focusing on high-end automotive and cosmetic-grade pearlescent pigments [1]. Valuation Analysis - The report employs comparable company analysis and DCF methods for valuation, suggesting a target price of HKD 5.4 based on a PE multiple of 20x for 2025 [8]. - The DCF analysis estimates a market value of HKD 7.076 billion, translating to a target price of HKD 5.9, considering a WACC of 7.7% and growth rates of 5% in the short term and 2% in the long term [8][10].

0 20 40 60 80 100 120 140 160 180 2024 年 9 月 2 日 中集安瑞科（3899.HK） 清洁能源业绩高增亮眼，期待化工持续改善 事件：中集安瑞科公布 2024 年中期业绩，上半年公司实现营收 114.8 亿元， 同比增加 6.7%；实现归母净利润 5.04 亿元，同比下降 11.6%，逊于市场预 期。其中清洁能源业绩表现强势，实现营收 78.8 亿元，同比增加 25.1%，毛 利率提升 0.4%至 12.6%，新签在手订单充裕，带动公司业绩整体上行。下半 年清洁能源板块强势表现预计将延续，化工板块业绩持续改善，液态食品预 计保持稳健增长，公司全年整体业绩预计向好，推荐关注。 报告摘要 海内外天然气供需两旺，清洁能源业务业绩强劲增长 清洁能源业务延续一 季度强劲势头以及随着天然气市场供需两旺，业绩表现亮眼，上半年实现营 收 78.8 亿元，同比增加 25.1%，毛利率提升 0.4%至 12.6%；其中水上清洁能 源业务收入增长 48.96%至 17.7 亿元。截止 2024 年 6 月，清洁能源在手订单 达 229.3 亿元，同比大幅增加 70.7%，新签订单 129.2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.6, while the current price is HKD 16.22 [6]. Core Insights - The company achieved a revenue of RMB 1.14 billion and a net profit attributable to shareholders of RMB 120 million in the first half of 2024, with significant growth in the women's care center business [1][2]. - Revenue growth was driven by franchise stores and sub-health services, with women's care center revenue increasing over 200% year-on-year [2]. - The acquisition of 150 stores from Nairu, covering the Greater Bay Area, further expands the company's business footprint and complements its existing services [4]. Financial Performance - For the first half of 2024, the company reported a revenue increase of 9.7% year-on-year, while net profit grew by 3.2% [2]. - The gross margin slightly increased by 0.9 percentage points to 47.0%, attributed to increased customer traffic and economies of scale [2]. - The company forecasts net profits for 2024-2026 to be RMB 250 million, RMB 320 million, and RMB 370 million, respectively, with corresponding P/E ratios of 14.1x, 10.9x, and 9.5x [4]. Store Expansion and Customer Engagement - The company has expanded its store count to over 559, including 150 Nairu stores, with a significant increase in customer traffic and active membership [3]. - Direct store traffic reached 680,000 visits, a 12% increase year-on-year, while active members grew by 10% to 82,000, maintaining a high retention rate of 79% [3].