Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 118, based on a projected 25x PE for 2024 [3][5]. Core Insights - Anta Sports reported a strong performance in H1 2024, with revenue increasing by 13.8% year-on-year to HKD 33.7 billion and net profit attributable to shareholders (excluding JV impact) rising by 17.0% to HKD 6.16 billion. Including JV impact, net profit surged by 62.6% to HKD 7.72 billion, exceeding market expectations [2][3]. - The management announced a share buyback plan of up to HKD 10 billion over the next 18 months and declared an interim dividend of HKD 1.18 per share, reflecting confidence in the company's future and commitment to shareholder returns [2][3]. Summary by Sections Financial Performance - Anta's main brand revenue grew by 13.5% to HKD 16.08 billion, driven by double-digit growth in running categories and improved store efficiency. DTC, e-commerce, and wholesale revenues were HKD 8.937 billion, HKD 5.567 billion, and HKD 1.573 billion, respectively, with growth rates of 10.5%, 20.1%, and 8.5% [2]. - FILA's revenue increased by 6.8% to HKD 13.06 billion, with professional products showing double-digit growth. However, children's and trendy brands faced challenges. Gross margin improved by 1pp to 70.2% [2]. - Other brands, particularly in outdoor sports, saw a significant revenue increase of 41.8% to HKD 4.6 billion, with Descente and Kolon growing by 30% and over 50%, respectively [2]. Future Projections - The report forecasts EPS for 2024-2026 to be HKD 4.35, HKD 4.97, and HKD 5.53, respectively, with revenue growth rates projected at 11.0%, 12.8%, and 10.9% [3][8]. - The gross margin is expected to improve gradually, reaching 63.3% by 2026, while the net profit margin is projected to stabilize around 17.7% [9]. Market Position - As a leading player in China's sportswear industry, Anta is well-positioned to benefit from industry growth and consumer trends, particularly in the premium segment [3][8].

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of HKD 2.7, indicating a potential upside of 44% from the current stock price of HKD 1.87 [4][10]. Core Insights - The company has shown a recovery in its goat milk powder segment, with revenue reaching HKD 1.81 billion in the first half of 2024, representing a year-on-year growth of 20.2% [2][10]. - The overall revenue for the first half of 2024 was HKD 3.68 billion, a 4.8% increase, while net profit decreased by 15.3% to HKD 150 million [1][2]. - The company expects net profits for 2024, 2025, and 2026 to be HKD 270 million, HKD 310 million, and HKD 320 million respectively, with corresponding EPS of HKD 0.16, HKD 0.19, and HKD 0.19 [1][2]. Revenue Breakdown - Goat milk powder revenue in the domestic market was HKD 1.51 billion, up 15.7% year-on-year, while overseas revenue reached HKD 290 million, a significant increase of 50% [2][10]. - Cow milk powder revenue faced challenges, declining by 10.4% to HKD 1.13 billion due to intensified competition and regulatory changes [2][10]. Margin Analysis - The gross margin for the first half of 2024 improved to 43.4%, up 1.4 percentage points year-on-year, driven by reduced discounts and a higher proportion of high-margin products [2][10]. - Goat milk powder's gross margin increased by 4 percentage points to 54.8%, while cow milk powder's gross margin slightly decreased to 53.1% [2][10]. Strategic Developments - The company completed the acquisition of the remaining 50% stake in the Dutch goat cheese company Amalthea for EUR 18.4 million, enhancing its supply chain for core goat milk powder products [2][10]. - The nutrition products segment reported a slight decline in revenue to HKD 145 million, but the newly restructured division showed strong growth [2][10]. Financial Projections - The report forecasts a recovery in net profit growth rates, projecting a 61.5% increase in 2024 and a 15% increase in 2025 [17]. - The company’s financial metrics indicate a projected PE ratio of 11.4 for 2024, decreasing to 9.9 by 2025 [3][17].

Investment Rating and Target Price - The report initiates coverage on Netflix with a **Buy** rating and a target price of **$808**, representing a **15% upside** from the current price of $701.35 [1][3] - The valuation is based on a 10-year DCF model and cross-verified with relative valuation methods, estimating Netflix's equity value at **$346.6 billion** (net debt of $7.3 billion deducted) [2] Core Investment Thesis - Netflix is the **global leader in video streaming**, with a **2.78 billion** subscriber base as of 2Q24, significantly ahead of competitors like Disney+ (1.5 billion) and Amazon Prime Video (1.2 billion) [1][7] - The company is expected to achieve a **12.9% CAGR in total revenue** from 2024 to 2027, driven by **8.7% CAGR in streaming revenue** and **9% advertising revenue contribution by 2026** [1][2] - Netflix's **globalization strategy** is a key strength, with **70% of subscribers and 55% of revenue** coming from outside the US & Canada [1][7] Subscriber Growth and Market Penetration - Netflix is projected to add **18.6 million**, **15.8 million**, and **17 million** net subscribers in 2025, 2026, and 2027, respectively, reaching **340 million subscribers by 2027** [1][8] - Key growth drivers include **content investment**, **ad-supported plans**, and **crackdown on password sharing**, with **EMEA and APAC regions** expected to contribute the most to subscriber growth [1][8] - The company has a **5 billion addressable market** of pay-TV households globally, with significant potential in markets like **France, Spain, Japan, South Korea, and India** [1][8] Content Strategy and Competitive Advantage - Netflix's **original content** accounts for **60%+ of its content library**, with a **high ROI** as the monthly content amortization cost per subscriber is **40%-50% of ARM** [1][7] - The company has won **184 Emmy Awards**, **29 Golden Globes**, and **22 Oscars**, showcasing its **content quality and production efficiency** [8] - Netflix's **recommendation algorithm** and **user insights** are key competitive advantages, with **80%+ of viewing time** driven by personalized recommendations [7][8] Advertising Business Potential - Netflix's **ad-supported plan** is expected to contribute **9.4% and 11% of total revenue** in 2026 and 2027, respectively, with **advertising revenue** projected to reach **$4.7 billion and $6.2 billion** in those years [2][9] - The **ad-supported plan** is gaining traction, with **40 million MAUs** as of May 2024, and is expected to achieve **parity with standard subscription plans** in the long term [9][42] Financial Projections - Netflix's **revenue** is expected to grow from **$38.7 billion in 2024E** to **$55.7 billion in 2027E**, with a **14.8% YoY growth in 2024** [2][3] - **Net profit margin** is projected to increase from **22.4% in 2024E** to **24.5% in 2027E**, with **net income CAGR of 16.4%** from 2024 to 2027 [2][3] - The company's **operating margin** is guided at **26% for 2024**, with expectations of further improvement to **28% by 2027** [2][9] Industry Overview and Competitive Landscape - Netflix is the **leading independent streaming platform** in the US, with **streaming surpassing cable TV in viewership share** in 2022 [7] - The streaming market is divided into **three categories**: **independent platforms (Netflix)**, **tech companies (Amazon, Apple)**, and **media conglomerates (Disney, Paramount)** [7] - The **US digital entertainment market** is projected to reach **$200 billion in 2024**, with **video-on-demand (VOD)** accounting for **$80 billion**, making it the largest segment alongside gaming [60][63] Valuation Metrics - Netflix's **2024E P/E ratio** is **34.7x**, declining to **22.0x by 2027E**, while the **P/S ratio** is expected to drop from **7.8x in 2024E** to **5.4x in 2027E** [3] - The company's **ROE** is projected to increase from **38.9% in 2024E** to **43.4% in 2027E**, reflecting strong profitability and efficient capital allocation [3]

Investment Rating - The report maintains a "Buy" rating for China Feihe (6186.HK) with a target price of HKD 4.9, indicating a potential upside of 17% from the current price of HKD 4.19 [4][12]. Core Insights - China Feihe's revenue for the first half of 2024 reached HKD 10.09 billion, a year-on-year increase of 3.7%, while net profit grew by 18% to HKD 1.91 billion. The company is expected to benefit from a potential recovery in birth rates in 2024, signaling the end of the industry's worst period [1][2]. - The company continues to focus on high-end product offerings, with ultra-high-end product revenue increasing by 19% to HKD 7.14 billion, and the introduction of new premium products [1][2]. - The company has a strong cash position with net cash of HKD 20 billion, allowing for continued shareholder returns, with a projected dividend growth rate of at least 10% [2][12]. Financial Performance - The gross margin for the first half of 2024 was 67.9%, an increase of 2.6 percentage points year-on-year, driven by a higher proportion of ultra-high-end products and reduced promotional efforts [1][2]. - The net profit margin improved to 18.9%, up 3.3 percentage points year-on-year, reflecting effective cost management and increased profitability [1][2]. - The company reported a dividend per share of HKD 0.1632 for the first half of 2024, a 21% increase from the previous year, with a payout ratio of 70% [2][12]. Product Strategy - China Feihe is committed to upgrading its product structure towards high-end offerings, launching new products such as preterm infant formula and organic milk powder [1][2]. - The company plans to expand its functional nutrition segment with new adult nutrition milk powder and cheese products in the second half of 2024 [1][2]. Market Outlook - The report anticipates a recovery in birth rates in 2024, which could positively impact the infant formula market, although the industry faces challenges from declining birth rates and intense competition [1][2]. - The company is strategically managing channel inventory to stabilize end prices amid a competitive landscape [1][2].

Investment Rating - The report maintains a "Buy" rating for Haidilao with a target price of HKD 20.8, indicating a potential upside of 58% from the current stock price [1][2][4]. Core Insights - Haidilao's revenue for the first half of 2024 reached HKD 21.5 billion, representing a year-on-year increase of 13.8%, while net profit was HKD 2.03 billion, down 10%. However, core net profit grew by 13% to HKD 2.8 billion [1][2]. - The company has slightly adjusted its net profit forecasts for 2024, 2025, and 2026 to HKD 4.63 billion, HKD 5.12 billion, and HKD 5.42 billion respectively, with corresponding EPS of HKD 0.91, HKD 1.01, and HKD 1.07 [1][2]. Summary by Sections Financial Performance - As of June 2024, Haidilao operated 1,343 stores, with a net decrease of 31 stores in the first half of the year due to closures of underperforming locations [1]. - The overall table turnover rate improved to 4.2 times per day, a 27% increase year-on-year, returning to levels seen in 2019 despite a 75% increase in store count since then [1]. - The core profit margin remained stable at 13%, with a gross margin of 61%, up 1.7 percentage points due to lower raw material costs [1][2]. Strategic Initiatives - The company is launching the "Pomegranate Plan" to foster a second growth curve through the incubation of new brands and businesses, led by the CEO's innovation committee [2]. - Haidilao continues to implement a high dividend policy, declaring an interim dividend of HKD 0.391 per share, with a payout ratio of 94% and an expected dividend yield of over 5% [2]. Valuation Analysis - The report employs comparable company analysis and DCF methods for valuation, estimating a target price of HKD 20.8 based on a 20x PE ratio for 2024 and a DCF valuation yielding a price of HKD 21.4 [8][10].

Investment Rating - The report assigns a "Buy" rating for the company [6]. Core Insights - The company has shown strong performance in the second quarter, with net profit exceeding market expectations by 23%, and core local business operating profit increasing by 37% year-on-year [11]. - The company is benefiting from improved operational efficiency and a reduction in losses from new business segments, with a significant narrowing of losses to 1.3 billion RMB, better than the market's expectation of 2.1 billion RMB [34]. - The target price has been raised to 151 HKD, reflecting an increase in profit forecasts for the core local business [15]. Financial Performance - Total revenue for Q2 reached 82.3 billion RMB, a year-on-year increase of 21%, slightly above market expectations [14]. - Core local business revenue grew by 19% year-on-year to 60.7 billion RMB, while new business revenue increased by 29% to 21.6 billion RMB [14]. - Adjusted EBITDA rose by 95% to 15 billion RMB, surpassing market expectations by 23% [14]. - The company has also announced a new share buyback plan worth 1 billion USD, enhancing shareholder returns [15]. Operational Highlights - The company has seen a robust increase in order volume for its on-demand services, with daily order volume for instant delivery reaching 67.77 million, a year-on-year increase of 14.2% [12]. - The active user base for food delivery has grown to 730 million, with an increase in order frequency among high-frequency users [12]. - The penetration rate of flash purchase services among food delivery users has reached 50%, expanding into various categories [12]. Future Projections - The company expects a revenue growth of 20.6% year-on-year for Q3, with core local business and new business projected to grow by 19% and 25% respectively [15]. - The adjusted net profit forecast for 2024 has been raised by 23%, indicating strong growth potential [15].

2024 年 8 月 27 日 中广核矿业（1164.HK） 海外矿山收益大幅增长，分红税政策变动影响净利 事件：中广核矿业公布 2024 年上半年业绩，公司实现营收 40.73 亿港元，税前 利润 3.24 亿港元，同比上升 37.5%；净利润 1.13 亿港元，同比下降 37.1%。因 上半年国际铀价维持高位及海外矿山成本优势，其投资收益增长亮眼，但因受 到哈国税收政策变动，补交过往三年税费导致所得税大幅上升，影响净利润。但 公司作为行业稀有标的，在国内核电大发展背景及天然铀量价共升推动下，看 好公司未来业绩长期发展，维持"买入"评级。 报告摘要 上半年税前利润同比增加 37.5%，受海外税收变动影响净利降幅较大 2024 年上 半年公司实现营收 40.73 亿港元，实现税前利润 3.24 亿港元，同比上升 37.5%； 实现净利润 1.13 亿港元，同比下降 37.1%；实现每股基本盈利 1.49 港仙，同比 下降 37%。公司上半年净利润下降由于所得税费用大幅上升，上半年所得税费用 达 2.1 亿港元，同比增加 278%，其原因为哈国协定税率优惠适用口径收紧后， 公司因审慎考虑补缴 2020-23 年 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to 500 HKD [1][3]. Core Insights - The company's Q2 revenue met expectations, with adjusted net profit and EBITDA exceeding market expectations by 39% and 9% respectively. The hotel booking volume on the Chinese site increased by 20% year-on-year, while international OTA platform revenue surged by 70% [1][2]. - The report highlights the company's strong competitive advantages and agile operations, leading to a high degree of profit certainty [1][3]. Financial Performance - Q2 net revenue reached 12.8 billion RMB, a year-on-year increase of 14% and a quarter-on-quarter increase of 7%, aligning with market expectations. Adjusted net profit was 5 billion RMB, up 45% year-on-year, surpassing expectations by 44% and 39% respectively [2][3]. - The adjusted EBITDA for Q2 was 4.4 billion RMB, exceeding expectations by 10% and 9%, with a corresponding EBITDA margin of 35%, reflecting an increase of 2 percentage points year-on-year [2][3]. Business Segments - Domestic hotel and flight bookings showed normalized growth, with hotel bookings on the Chinese site increasing by 20% year-on-year. The average daily rate (ADR) for hotels decreased due to increased supply [2][3]. - The international OTA business is progressing steadily, with Trip.com’s total revenue in Q2 increasing by approximately 70%, contributing about 10.5% to total revenue [2][3]. Future Outlook - Management guidance for July and August indicates that outbound flight and hotel bookings are expected to exceed 2019 levels by 10-20%, with domestic hotel bookings also showing double-digit year-on-year growth [3][19]. - The report maintains the 2024 revenue forecast at 52.3 billion RMB, a year-on-year increase of 17%, while adjusting the full-year adjusted net profit forecast up by 11% to 16.2 billion RMB [3][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.7, indicating a potential upside of 50% from the current stock price of HKD 2.49 [3][8]. Core Insights - The company reported a revenue of RMB 3.06 billion for the first half of 2024, a year-on-year increase of 6.4%, but net profit fell by 71% to RMB 68 million due to a challenging consumer environment [1]. - The report anticipates a decline in net profit for 2024, 2025, and 2026, projecting RMB 240 million, RMB 290 million, and RMB 320 million respectively, with corresponding EPS of HKD 0.20, HKD 0.24, and HKD 0.27 [1][14]. - The company is expanding its store count, with a total of 771 stores as of June 2024, an increase of 45 stores from the end of 2023, primarily through its brands Tai Er and Song Hotpot [1]. Financial Performance Summary - Tai Er's revenue for the first half of 2024 was RMB 2.24 billion, a decrease of 1.6%, with an operating profit margin of 13.8%, down 7.5 percentage points year-on-year [1]. - Song Hotpot's revenue was RMB 430 million, down 5%, with an operating profit margin of 8.6%, a decline of 5.1 percentage points [1]. - The overall gross margin improved to 64.2%, up 0.4 percentage points year-on-year, attributed to lower raw material costs and economies of scale from the central kitchen [1][15]. Future Projections - The company plans to open 80 new stores domestically and 13 overseas in 2024, although the pace of expansion has slightly slowed compared to earlier plans [1]. - The report projects a modest revenue growth rate of 1.3% for 2024, followed by 14.1% and 12.8% for 2025 and 2026 respectively [15]. Valuation Analysis - The report employs both comparable company analysis and DCF methods for valuation, concluding a target price of HKD 3.7 based on a PE multiple of 13x for 2025 projected EPS of HKD 0.24 [8][10]. - The DCF analysis suggests a fair value of HKD 4.3, indicating a significant upside potential [8][11].

Investment Rating - The report maintains a **Buy** rating for Sinochem Fertilizer (297 HK) with a target price of **HKD 1 4**, representing a **49% upside** from the current price of HKD 0 94 [1][4] Core Views - Sinochem Fertilizer's H1 2024 net profit attributable to shareholders grew by **4 7% YoY to RMB 1 05 billion**, exceeding expectations [1][2] - The company's revenue in H1 2024 reached **RMB 13 68 billion**, up **4 2% YoY**, driven by improved product mix and operational efficiency [2] - The **Bio+ strategy** is showing significant results, with differentiated product sales reaching **1 32 million tons**, up **14 6% YoY** [2] - The report raises the company's net profit forecasts for 2024-2026 to **RMB 1 09/1 18/1 28 billion**, representing a **74%/8%/8% YoY growth** respectively [1][2] Financial Performance Revenue and Profit - H1 2024 revenue: **RMB 13 68 billion**, up **4 2% YoY** [2] - H1 2024 net profit attributable to shareholders: **RMB 1 05 billion**, up **4 7% YoY** [2] - 2024E-2026E revenue growth: **6%/5%/6%** [3][9] - 2024E-2026E net profit growth: **74%/8%/8%** [3][9] Product Sales - Total fertilizer sales in H1 2024: **4 66 million tons**, up **17% YoY** [2] - Compound fertilizer revenue: **RMB 4 69 billion**, up **4% YoY** [2] - Phosphate fertilizer revenue: **RMB 4 18 billion**, up **20% YoY** [2] - Potassium fertilizer revenue: **RMB 2 51 billion**, down **13% YoY** [2] - Special fertilizer revenue: **RMB 440 million**, up **23% YoY** [2] Profitability - 2024E-2026E gross margin: **11%/11%/11%** [3][9] - 2024E-2026E net margin: **5%/5%/5%** [3][9] - 2024E-2026E ROE: **5%/6%/6%** [9] Strategic Initiatives - The **Bio+ strategy** is driving growth, with differentiated product sales reaching **1 32 million tons**, up **14 6% YoY** [2] - Key new products such as **Huanfeng**, **Weidefeng**, and **Shuifeng** have been launched, gaining market recognition for their quality and functionality [2] - The company plans to increase R&D investment in **Bio+ fertilizers** and develop large-scale biological products to further boost performance [2] Valuation and Market Performance - Target price: **HKD 1 4**, based on **8 3x 2024E P/E** [1][4] - Current price (as of 2024-08-26): **HKD 0 94** [4] - Market cap: **HKD 6 6 billion** [5] - 12-month price range: **HKD 0 7-1 1** [5] Financial Forecasts Income Statement - 2024E-2026E revenue: **RMB 23 06/24 31/25 71 billion** [8] - 2024E-2026E net profit: **RMB 1 09/1 18/1 28 billion** [8] Balance Sheet - 2024E-2026E total assets: **RMB 20 51/21 23/22 07 billion** [10] - 2024E-2026E equity: **RMB 10 74/11 42/12 16 billion** [10] Cash Flow - 2024E-2026E operating cash flow: **RMB 1 48/1 71/1 81 billion** [11] - 2024E-2026E net cash change: **RMB 550/444/159 million** [11]