Investment Rating - The report assigns a "Buy" rating to TCL Electronics with a target price of HKD 6.05, representing a 28.5% upside potential from the recent closing price of HKD 4.71 [2][3] Core Views - TCL Electronics' 1H2024 revenue grew 30.3% YoY to HKD 45.49 billion, driven by its mid-to-high-end product strategy and global expansion [1] - Net profit attributable to shareholders surged 146.5% YoY to HKD 650 million, with adjusted net profit up 147.3% YoY [1] - The company's display business revenue increased 21.3% YoY to HKD 30.14 billion, with global TV shipments up 9.2% YoY to 12.52 million units [1] - TCL's global TV market share rose 0.9 percentage points YoY to 13.3%, ranking second globally [1] - The company's photovoltaic business revenue soared 212.7% YoY to HKD 5.27 billion, with gross margin improving 2.7 percentage points to 10.3% [2] Business Segment Performance Display Business - 75-inch and larger TV shipments grew 34.5% YoY, with Mini LED TV shipments surging 124.7% YoY [1] - European market TV shipments increased 40.1% YoY, with retail market share ranking top five in multiple countries [1] - Display business gross margin declined 1.9 percentage points to 16.9% due to product mix changes and rising panel costs [1] All-Category Marketing Business - Revenue increased 27.7% YoY to HKD 7.75 billion, with gross margin improving 1.1 percentage points to 16.3% [2] - Smart products including air conditioners, refrigerators, and washing machines maintained rapid growth in global distribution [2] Internet Business - Revenue grew 8.9% YoY to HKD 1.21 billion, with international internet business revenue surging 51.2% YoY to HKD 342 million [2] Photovoltaic Business - The business has covered 23 key provinces and cities in China, with over 150 commercial projects signed and more than 70,000 farmer contracts [2] - The distribution network has expanded to over 1,200 dealers [2] Financial Projections - 2024E revenue is projected at HKD 94.48 billion, with net profit of HKD 1.28 billion [6] - 2025E revenue is forecasted at HKD 100.32 billion, with net profit of HKD 1.52 billion [6] - Gross margin is expected to stabilize around 17.3%-17.8% from 2024E to 2026E [6] - ROE is projected to improve from 6.9% in 2024E to 9.4% in 2026E [6] Valuation - The stock is trading at 9.3x 2024E PE and 0.6x 2024E PB, with a dividend yield of 5.4% [6] - The target price of HKD 6.05 is based on 12x 2024E PE [2]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 6.5 HKD, indicating an 83% upside potential from the current price of 3.6 HKD [3][2]. Core Insights - The company achieved a 26% year-on-year growth in net profit for the first half of 2024, exceeding expectations, despite a decline in fertilizer and fine chemical product prices [2][1]. - The strong cost advantage of the company allows it to maintain high profitability even during a downturn in urea prices [2][1]. - The increase in sales volume of efficient fertilizers contributes to an improvement in profit margins [2]. Financial Performance Summary - Revenue for the first half of 2024 reached 12.06 billion RMB, remaining flat year-on-year, while net profit attributable to shareholders was 690 million RMB, up 26% [2]. - Urea revenue was 3.83 billion RMB, a 9% increase year-on-year, with a 13% price decline but a 25% increase in sales volume, leading to a 2 percentage point increase in gross margin to 31% [2]. - Compound fertilizer revenue was 3.41 billion RMB, a 6% increase year-on-year, with a 6% price decline and a 13% increase in sales volume, resulting in a 6 percentage point increase in gross margin to 18% [2]. - The chemical business continues to expand, with methanol revenue increasing by 32% year-on-year to 1.29 billion RMB, and DMF revenue growing by 14% to 600 million RMB [2]. Future Outlook - The company is expected to experience a peak in capital expenditures from 2024 to 2026, with several new projects set to commence production, including a compound fertilizer project in Huludao and a 60,000-ton polyformaldehyde project in Xinjiang [2]. - To alleviate financial pressure and focus on its core business, the company has sold its 100% stake in Xinjiang Tianxin Coal Mine for 1.37 billion RMB, providing a one-time income boost [2].

Investment Rating - The investment rating for the company is "Buy" with a target price of 5.9 HKD, while the current price is 5.66 HKD [4]. Core Insights - The company has demonstrated stable growth with a revenue increase of 13.3% and a net profit increase of 14.9% in H1 2024, driven primarily by the pediatric and imaging segments [1][2]. - The company has a strong commitment to shareholder returns, having distributed over 2.4 billion HKD in dividends, with a consistent payout ratio exceeding 30% [2][5]. Financial Performance Summary - In H1 2024, the company achieved revenues of 1.27 billion HKD and a net profit of 400 million HKD, with a gross margin of 74.7% and a net margin of 31.5% [1]. - The revenue breakdown by segment for H1 2024 is as follows: - Nephrology: 880 million HKD (+11.1%) - Pediatrics: 150 million HKD (+28.7%) - Imaging: 80 million HKD (+21.1%) [1]. - The company expects revenues of 2.85 billion HKD, 3.16 billion HKD, and 3.54 billion HKD for 2024, 2025, and 2026, respectively, with corresponding growth rates of 10.0%, 10.9%, and 11.8% [2][3]. Profitability Metrics - The projected net profit for 2024, 2025, and 2026 is 889 million HKD, 1.01 billion HKD, and 1.14 billion HKD, with growth rates of 13.4%, 13.6%, and 12.9% [3][8]. - The company maintains a gross margin of approximately 73.4% to 73.5% and a net margin projected to improve from 31.3% in 2024 to 32.4% in 2026 [3][8]. Shareholder Returns - The interim dividend declared for H1 2024 is 0.3 HKD per share, doubling from 0.15 HKD per share in H1 2023, alongside a special dividend of 0.3 HKD per share to celebrate the company's 10th anniversary [2][5].

Investment Rating - No specific investment rating provided in the report [3] Core Views - Pop Mart achieved a 62% YoY revenue growth in H1 2024, with net profit attributable to shareholders increasing by 93.3% YoY [1] - The company raised its full-year growth guidance, expecting revenue growth of at least 60% (up from 30%) and overseas revenue growth of at least 200% (up from 100%) [2][10][11] - Overseas expansion and new IP product launches are expected to drive further growth [1][10] Revenue Breakdown Overall Revenue - H1 2024 revenue reached RMB 4.558 billion, a 62% YoY increase [1][6] - Net profit attributable to shareholders was RMB 921 million, up 93.3% YoY [6] Regional Revenue Mainland China - Revenue grew 31.5% YoY to RMB 3.206 billion [1][6] - Offline channels contributed 39.2% of revenue, with retail stores and robot stores generating RMB 1.471 billion and RMB 315 million, respectively, up 24.7% and 16.2% YoY [1][7] - Online channels accounted for 24.0% of revenue, with key platforms like Tmall and Douyin showing strong growth [1][7] - Wholesale and other channels grew 90.8% YoY to RMB 324 million, driven by Pop Mart City Park [1][7] Overseas Markets - Revenue surged 259.6% YoY to RMB 1.351 billion [1][6] - Offline channels grew 397.3% YoY, contributing 20.8% of revenue, with retail stores and robot stores generating RMB 894 million and RMB 53 million, respectively [2][7] - Online channels grew 335.4% YoY to RMB 247 million, with platforms like Lazada and Shopee showing strong performance [2][7] - Southeast Asia contributed 41.1% of overseas revenue, followed by East Asia and Hong Kong/Macau/Taiwan at 35.4% [6] IP Performance - Artist IP contributed 81% of revenue, generating RMB 3.69 billion in H1 2024, up 70.4% YoY [8] - Top IPs: MOLLY (RMB 782 million, 17.2% of revenue), THE MONSTERS (RMB 627 million, 13.7%), and SKULLPANDA (RMB 575 million, 12.6%) [8] - MOLLY revenue grew 90.1% YoY, THE MONSTERS surged 292.2%, and SKULLPANDA increased 9.2% [8] Product Categories - Handicrafts (blind boxes) accounted for 58.3% of revenue, growing 30.2% YoY [9] - MEGA products grew 141.9% YoY, contributing 12.9% of revenue [9] - Plush toys and derivatives grew 993.6% and 77.5% YoY, respectively [9] Profitability - Gross margin improved to 64.0%, up 3.6pp YoY, driven by cost control, supplier bargaining power, and higher overseas sales [2][9] - Net profit margin rose 3.2pp to 20.3% [2][9] Expansion Plans - Pop Mart plans to open 30-40 new stores in Southeast Asia and North America in H2 2024 [10] - The company aims to enhance online channel penetration and collaborate with KOLs to boost IP visibility [10] - Supply chain management will be strengthened to support global operations [10]

2024 年 8 月 22 日 小米集团（1810.HK） 手机 x AIoT 与汽车齐发力，Q2 业绩大超预期 事件：2024Q2 小米集团总收入达到 889 亿元，创历史新高，同比增长 32.0%， 智能电动汽车首次实现完整季度销售贡献的同时，手机、IOT 与互联网服务收 入均实现快速增长。"手机×AIoT"分部收入为 825 亿元，同比增长 22.5%； "智能电动汽车等创新业务"分部收入为 64 亿元。收入增长的同时，公司营 业费用率下降 1.0 个百分点至 14.2%，运营效率有所提升；Q2 期间经调整的 净利润同比增长 20.1%至 62 亿元，大超此前市场预期，削弱了对新业务拖累 整体业绩的担忧。 报告摘要 智能手机业务表现出色 24Q2 小米集团智能手机业务收入同比增长 27.1%至 465.2 亿元,在全球智能手机出货量达到 4220 万台，同比增长 28.1%，全球排名前三， 市占率为 14.6%，是前五名中出货量同比增速最快的品牌。在中国大陆地区出货 量排名重回前五，市场份额同比提升。同时，高端智能手机出货量在整体智能手 机出货量中的占比达到 22.1%，同比提升 2.0 个百分点，在多 ...

2024 年 8 月 23 日 特步国际（1368.HK） 上半年业绩超预期，KP 剥离后预计利润持续改善 事件：特步国际 2024 上半年收入同比增长 10.4%，归母净利润同比增长 13%， 整体业绩表现好于市场预期。我们预测 2024/2025/2026 年 EPS 为 0.48/0.55/ 0.61 元，给予目标价 6.8 港元，维持"买入"评级。 报告摘要 主品牌表现稳健，索康尼持续贡献高增长 2024 年上半年公司录得收入 72.03 亿 元，同比增长 10.4%。拆分来看，大众运动（特步主品牌）收入同比增长 6.6%至 57.89 亿元，主要系跑步产品及童装表现稳健，线上收入也实现了 20%+的增长； 专业运动（索康尼和迈乐）收入同比快速提升 72.2%至 5.93 亿元，主要得益于 索康尼通过签约代言人、产品创新、渠道升级等实现了快速增长；时尚运动（盖 世威和帕拉丁）收入同比增加 9.7%至 8.22 亿元，海外业务持续承压，国内业务 相对稳健。毛利率方面，公司毛利率同比提升 3.1pp 至 46%，其中大众运动毛利 率同比提升 0.8pp 至 43.9%，专业运动毛利率同比提升 11.4pp ...

Investment Rating - The report maintains a "Buy" rating for Smoore International Holdings (6969.HK) with a target price of HKD 10.7, indicating a potential upside of 17% from the current price of HKD 9.12 [3][4]. Core Insights - Smoore's revenue for the first half of 2024 was HKD 50.3 billion, a year-on-year decrease of 1.7%, while net profit was HKD 6.8 billion, down 4.8% year-on-year. The gross margin improved to 38%, up 1.8 percentage points, while the net margin slightly decreased to 13.6%, down 0.4 percentage points [1]. - The company's proprietary brand products saw significant growth, with APV product revenue reaching HKD 11.1 billion, a 72% increase year-on-year. The European market experienced an 88% revenue growth, while the U.S. market grew by 20% [1]. - The report anticipates a recovery in the domestic market, with a 41% year-on-year increase in revenue from 2B products in China, suggesting that the compliant market has likely bottomed out [1]. Financial Performance Summary - Revenue and Profit Forecasts: The expected net profits for 2024, 2025, and 2026 are HKD 16.5 billion, HKD 19.0 billion, and HKD 21.0 billion, respectively, with corresponding EPS of HKD 0.29, HKD 0.34, and HKD 0.38 [1][7]. - Sales and Cost Structure: The sales expenses increased significantly by 70% to HKD 7.6 billion, primarily due to increased marketing investments in proprietary brands and beauty products. Management expenses decreased by 27% to HKD 3.4 billion [1][15]. - R&D Investment: R&D expenses for the first half of 2024 were HKD 7.6 billion, accounting for 15.1% of revenue, reflecting a year-on-year increase of 3.1 percentage points. The company is focusing on medical and beauty product development, with a 63% increase in related R&D spending [1][15]. Market Dynamics - The report highlights a shift in European regulations favoring refillable products, which is expected to boost demand for Smoore's products in the region. The company's 2B business in Europe and other markets saw a revenue decline of 16% due to stricter regulations on disposable products, but the demand for refillable products is anticipated to recover [1]. - In the U.S. market, Smoore has the highest number of PMTA certifications among its clients, which is expected to enhance its market position as regulatory enforcement strengthens [1]. Valuation Analysis - The report employs DCF and PE valuation models, estimating a fair valuation of HKD 66.1 billion, corresponding to a target price of HKD 11.1. The average PE for the electronic cigarette industry is projected at 11.3x for 2025, and considering Smoore's market leadership, a PE of 30x is applied for 2025, leading to a target price of HKD 10.2. The final target price of HKD 10.7 reflects a blend of these valuation methods [7][10].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 12, indicating a potential upside of 52% from the current price of HKD 7.9 [1][3]. Core Insights - The company achieved a record revenue of HKD 107.3 billion in the first half of the year, representing a 47% year-on-year increase, driven by a 41% increase in total sales to 956,000 vehicles [2][3]. - The adjusted net profit for the first half was HKD 3.37 billion, a 114% increase year-on-year, aligning with expectations [1][2]. - The company has raised its full-year sales target from 1.9 million to 2 million vehicles, with new models set to launch in the second half of the year [2][3]. - The introduction of new energy vehicles is expected to enhance profitability, with several new models planned for release, including the Galaxy E5, Zeekr 7X, and Lynk & Co Z10 [2][3]. Financial Performance Summary - Revenue for 2022 was HKD 147.965 billion, with a growth rate of 46%, and is projected to reach HKD 210.6 billion in 2024, with a growth rate of 18% [3][5]. - The adjusted net profit for 2022 was HKD 5.26 billion, with a projected increase to HKD 13.966 billion in 2024, reflecting a growth rate of 163% [3][5]. - Gross margin is expected to improve from 14.1% in 2022 to 15.9% by 2026, while net profit margin is projected to rise from 3.6% to 5.1% over the same period [3][7]. Market Dynamics - The company is positioned to benefit from government policies that enhance demand for new energy vehicles, with subsidies for trade-in programs significantly increased [2][3]. - The company plans to expand its market presence in overseas markets, particularly in Mexico and Australia, while enhancing its product competitiveness through new model launches [2][3].

股价表现 2024 年 08 月 21 日 同程旅行（0780.HK） 业绩符合预期；核心 OTA 利润率下半年有望提升 同程旅行 2 季度业绩符合预期，收入增速快于 GMV 增速，整体变现率提升明 显。核心 OTA 收入同比增 23%，经营利润率 24.3%；度假业务贡献 8.6 亿收入增 量。展望下半年，我们预计核心 OTA 业务收入稳健增长，经营利润率或随营销 效率优化而提升，故维持全年净利润预测。考虑市场环境变化，下调估值倍数， 目标价调整至 18.8 港元，维持买入评级。 报告摘要 2 季度业绩符合预期：总收入 42.5 亿元，同比/环比增 48%/10%，符合我们及市 场预期，核心 OTA 业务收入同比增 23%（其中交通票务/住宿预订服务同比增 17%/13%），度假业务贡献收入增量 8.6 亿元，环比增 9%，收入占比环比持平在 17%。整体收入增速快于 GMV 增速（+4%），整体变现率提升至 6.8%，对比 2Q23/1Q24 为 4.8%/5.9%。营销/研发/行政费用占收入比同比降 3.3%/3.3%/ 0.8%， 受益于 ROI 导向营销策略及运营效率优化，带动经调整净利润同比增 1 ...

2024 年 8 月 20 日 华润啤酒（0291.HK） 上半年环境承压，业绩表现坚韧 华润啤酒（0291.HK）24 年上半年收入 237 亿人民币，同比微降 0.5%，净利润 47 亿， 同比增长 1.2%。上半年啤酒销量 634 万千升，同比下降 3.4%，每千升毛利增长 3.4%。 考虑到高端化进入后半段，未来增速放缓，我们下调 24/25/26 年净利润为 53.0/55.0/58.0 亿元。对应每 EPS 收益为 1.76/1.83/1.92 港元。维持"买入"评级，考虑当前港股市场情 绪，下调目标价至 35.8 港元，较当前股价有 58%的上涨空间。 报告摘要 消费环境承压，啤酒高端产品仍在增长。24 年上半年一方面消费意愿较为薄弱，尤其是 餐饮渠道需求不振，另一方面进入 6 月旺季全国天气较凉，影响啤酒消费。在此背景下， 整体销量下降 3.4%，但高档以上销量同比增长 10%，次高及以上产品销量同比个位数 增长，喜力、老雪、红爵增速超过 20%，中档以上销量占比超过 50%。销售单价同比增 长 2.6%，每千升毛利增长 3.4%。啤酒行业高端化的趋势不可逆转，消费者对于更高品 质产品的追求不 ...