Investment Rating - The report maintains an "Overweight" rating for the company [1][4] Core Views - The company's H1 2024 performance met expectations, with a significant year-on-year improvement in profitability [1][3] - Revenue reached 604 million yuan, up 1% YoY - Net profit attributable to parent company was 26 million yuan, turning positive YoY - Non-GAAP net profit was 24 million yuan, also turning positive YoY - Q2 2024 saw a 16% YoY revenue decline to 310 million yuan, but profitability improved significantly [3] - Gross margin reached 60.92%, up 0.30 percentage points YoY - Net margin was 3.39%, up 9.56 percentage points YoY - The company has achieved profitability for two consecutive quarters, indicating continuous operational improvement [3] Channel and R&D Development - Channel optimization continues with 133 directly-operated stores and 63 franchised stores as of June 30, 2024 [3] - 10 fewer directly-operated stores but 19 more franchised stores compared to end of 2023 - New provincial retail service provider model effectively penetrates lower-tier markets - Online sales expanded through diversified e-commerce platform cooperation and new retail models [3] - Overseas channels developed through platforms like Amazon and TikTok, with local subsidiaries supporting offline expansion [3] - R&D made progress in four core systems: bionic, high-power, TCM diagnosis, and health management, enhancing product competitiveness [3] Financial Projections - Profit forecasts slightly lowered but still show strong growth [4] - 2024-2026 net profit projections: 62, 84, and 118 million yuan respectively - Corresponding YoY growth rates: positive, +34.4%, and +41.0% - Current P/E ratios: 43x (2024), 32x (2025), 23x (2026) - Key financial metrics show improvement [5] - 2024H1 gross margin: 61.8% - ROE: 6.7% (2024H1), projected to reach 17.6% by 2026 - EPS: 0.31 yuan (2024H1), projected to reach 1.37 yuan by 2026 Fundraising Projects - Marketing network construction project reached 84.69% completion by end of 2023 [8] - 123 stores established using raised funds, 49.60% completion rate - Expected to reach operational status by end of 2024 - R&D center upgrade and IT upgrade projects may face further delays [8] Historical Financial Performance - 2023 saw significant revenue growth but negative profitability [9] - Revenue: 1.275 billion yuan, up 42.3% YoY - Net loss: 51 million yuan - 2024 projections show recovery and growth [9] - Revenue: 1.401 billion yuan, up 9.9% YoY - Net profit: 62 million yuan, turning positive - Gross margin: 60.9%

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported significant improvements in hydropower performance and rapid growth in renewable energy [5] - The company achieved a revenue of 4.83 billion yuan in the first half of 2024, a year-on-year increase of 16.25%, and a net profit of 1.44 billion yuan, up 57.40% year-on-year [5] - The company plans to distribute a cash dividend of 0.85 yuan per 10 shares, amounting to 670 million yuan, which represents 46.61% of the net profit attributable to shareholders in the first half of 2024 [5] Summary by Sections Financial Performance - In the first half of 2024, the company generated a total electricity output of 175.79 billion kWh, a year-on-year increase of 19.48%, with hydropower output reaching 143.97 billion kWh, up 27.05% [5] - The gross profit from hydropower increased by 51.32% to 1.92 billion yuan, driven by improved water inflow and market conditions [5] - The company’s fire power generation decreased by 25.09% to 1.63 billion kWh due to favorable water conditions [5] Renewable Energy Growth - As of June 30, 2024, the company’s installed capacity for wind and solar power increased by 5.64 and 21.93 MW respectively, bringing the total to 848.1 MW and 883.8 MW [5] - The contribution of renewable energy to total generation capacity rose to 13.02%, with wind and solar power generation increasing by 14.87% and 97.75% respectively [5] Financial Structure and Cost Management - The company’s debt-to-asset ratio improved to 53.31%, a decrease of 2.05 percentage points from the end of 2023 [5] - The comprehensive financing cost rate fell to 2.6%, leading to a 3.46% reduction in financial expenses to 277 million yuan [5] Profit Forecast and Valuation - The company’s net profit forecasts for 2024, 2025, and 2026 are 3.045 billion yuan, 3.201 billion yuan, and 3.459 billion yuan respectively, with corresponding price-to-earnings ratios of 17, 17, and 15 [5]

Investment Rating - Maintain "Buy" rating for Jiangbolong (301308) [4][5] Core Views - Jiangbolong's 2024H1 revenue reached 9 04 billion yuan YoY +143 8% with a gross margin of 23 5% YoY +22 7pcts [4] - The company's self-developed controller chips have surpassed 10 million units in shipments [5] - Enterprise-grade storage business revenue surged over 2000% YoY to 291 million yuan in 2024H1 [5] - Jiangbolong is expanding from consumer-grade to enterprise-grade and automotive-grade storage products [5] Financial Performance - 2024H1 operating income: 9 039 million yuan YoY +143 8% [6] - 2024H1 net profit attributable to parent company: 594 million yuan [6] - 2024E operating income forecast: 14 657 million yuan YoY +44 8% [6] - 2024E net profit forecast: 1 584 million yuan [6] Market Position - Lexar brand ranked 2nd globally in memory card market share and 3rd in flash drive market share in 2021 [5] - Lexar SSD module shipments ranked 4th globally in 2021 [5] - Jiangbolong ranked 6th globally in eMMC＆UFS market share in 2022 [5] Product Development - Self-developed 32Gb MLC NAND chip successfully taped out in 2024 [5] - LS600/LS500 controller chips entered mass production in 2023 [5] - Automotive-grade UFS products positioned as forward-looking choice for automakers [5] Industry Trends - Global semiconductor storage market in upward cycle since 2023H2 [5] - NAND Flash price index increased 23-28% QoQ in 24Q1 and 15-20% in 24Q2 [5] - ADAS-related NAND Flash consumption expected to reach 4 15 billion GB globally by 2024 [5] Valuation - Current P/B ratio: 4 5 [2] - 2025E PE ratio: 30X [5] - 2026E PE ratio: 21X [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Views - The company reported a revenue of 3.127 billion yuan for the first half of 2024, reflecting a year-on-year increase of 2.34%, while the net profit attributable to shareholders was 459 million yuan, down 4.28% year-on-year [4]. - The revenue structure shows an increase in the mining sector's contribution, while the renewable energy sector has decreased. The environmental sector remains stable, but overseas revenue has declined [4][5]. - The company has seen a 16% year-on-year increase in contract liabilities, indicating resilient order growth despite challenges in the lithium battery sector [4]. - Profit decline is attributed to a high base from the previous year and price reductions in some products, leading to a decrease in gross margin [4][5]. - Operating cash flow has significantly improved, with a net cash flow of 267 million yuan for the first half of 2024, marking a 6478% year-on-year increase [5]. Summary by Sections Financial Performance - Total revenue for 2023 was 6.249 billion yuan, with projections of 6.494 billion yuan for 2024 and 7.128 billion yuan for 2025 [6]. - The net profit for 2023 was 1.008 billion yuan, with forecasts of 1.028 billion yuan for 2024 and 1.158 billion yuan for 2025 [6][7]. - The gross margin for 2024 is projected to be 31.5%, with a gradual increase to 32.2% by 2026 [6]. Market Comparison - The company's stock price has fluctuated between a high of 28.60 yuan and a low of 16.53 yuan over the past year, with a current closing price of 16.57 yuan [2][4]. - The company's market capitalization is approximately 9.479 billion yuan, with a price-to-earnings ratio projected at 9 for 2024 [2][6]. Operational Insights - The company’s revenue distribution shows mining at 29%, environmental at 26%, and renewable energy at 22% for the first half of 2024 [4]. - The company has reduced management and sales expenses, contributing to improved profitability [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 54.587 billion RMB for the first half of 2024, a year-on-year increase of 0.9%. However, the profit attributable to shareholders decreased by 22.8% to 2.573 billion RMB, primarily due to a decline in profits from overseas LNG sales [4] - Natural gas sales volume increased steadily, with total sales reaching 16.410 billion cubic meters, a year-on-year growth of 3.68%. Retail gas sales volume grew by 4.5% to 12.710 billion cubic meters [4] - The company added 775,000 residential users, a decrease of 22.3%, while commercial users increased by 15.9% to 9,544 [4] - The company’s new energy projects are rapidly growing, with a 26.0% increase in sales volume to 19.74 billion kWh [5] - The smart home business continues to grow rapidly, with revenue increasing by 38.10% to 8.7 billion RMB [5] - The company’s net profit forecasts for 2024-2026 are 6.802 billion, 7.685 billion, and 8.572 billion RMB, respectively, with corresponding EPS of 6.03, 6.81, and 7.60 RMB per share [4][6] Financial Data and Earnings Forecast - The company’s total revenue for 2024 is projected to be 103.344 billion RMB, with a year-on-year decrease of 9%. The net profit attributable to shareholders is expected to be 6.802 billion RMB, remaining stable compared to the previous year [6] - The company’s PE ratios for 2024-2026 are projected to be 8.1, 7.2, and 6.4 times, respectively [4][6]

上 市 公 司 电子 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 8.94 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 10.52/4.61 | | H 股市值（亿港币） | 548.76 | | 流通 H 股（百万股） | 6,138.24 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -34% 16% 66% HSCEI 思摩尔国际 资料来源：Bloomberg 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 研究支持 张文静 A0230122100001 zhangwj@swsresearch.com 联系人 张文静 (8621)23297818× zhangwj@swsresearch.com 2024 年 08 月 26 日 思摩尔国际 (06969) ...

Investment Rating - The report maintains a positive outlook on the Japanese dairy industry, emphasizing the potential for growth through product functionality and deep processing [4][6]. Core Insights - The Japanese dairy industry is experiencing a historical review, with a focus on innovation-driven growth despite challenges such as an aging population and economic slowdown [4][6]. - The report highlights that while the overall consumption of basic dairy products may face growth bottlenecks, segments like cheese and yogurt show significant potential for expansion [4][6]. - The competitive landscape in Japan is characterized by a stable oligopoly, with leading companies like Meiji, Morinaga, and Snow Brand dominating various segments [4][6][20]. Summary by Sections 1. Japanese Dairy Development Direction: Functional and High-Value Innovation - Japan's dairy industry is heavily reliant on imports, with approximately 37% of its dairy product demand met through imports [13]. - The upstream milk supply is monopolized by the "designated production group system," which places dairy processing companies in a price-taking position [15]. - The distribution channels have evolved significantly, with convenience stores gaining substantial power, necessitating continuous innovation from dairy manufacturers to maintain competitiveness [19][20]. 2. Consumption Trends: Declining Total Consumption but Growth in Yogurt and Cheese - Since the 1990s, Japan's dairy consumption has shifted towards negative growth, with yogurt and cheese continuing to show growth trends [22][23]. - The compound annual growth rates (CAGR) from 1990 to 2020 for white milk, dairy beverages, and yogurt were -0.97%, 0.95%, and 4.23% respectively [22][32]. - Cheese consumption has increased from 205,000 tons in 1995 to 355,000 tons in 2020, with a CAGR of 2.2% [34]. 3. Price Trends: Stagnation in Consumption Upgrades - The Japanese dairy market has struggled with price growth due to a deflationary environment since the 1990s, with average price increases for various dairy products remaining low [41]. - The average Consumer Price Index (CPI) growth from 1990 to 2020 for dairy products, fresh milk, yogurt, and fermented dairy drinks was 0.32%, 0.45%, -0.4%, and 1.06% respectively [41]. 4. Yogurt: Continuous Innovation Driving Growth - The Japanese yogurt industry has thrived due to continuous innovation and effective consumer education, allowing leading companies to achieve market premiums [48].

Investment Rating - The report rates the low-altitude economy industry as "Positive" [3] Core Insights - Multiple regions are releasing low-altitude construction plans to promote innovative development in the low-altitude economy, with specific targets set for infrastructure and operational capabilities by 2025 and 2027 [3] - WanFeng AoWei is a global leader in general aviation, having obtained airworthiness certificates for multiple aircraft models, which positions the company for significant growth as production capacity is released [3] - EHang Intelligent reported a 919.6% year-on-year revenue increase in Q2 2024, and its application for an operational qualification certificate has been accepted, marking a step towards commercial operations for eVTOL [4] - WoLong Electric Drive has strategically invested in the low-altitude economy's electric motor sector since 2019, developing a series of aviation electric drive products [4] - The report suggests focusing on high-value segments within the low-altitude economy, including complete aircraft, power systems, and air traffic management systems, highlighting key companies in each area [4] Summary by Sections Low-Altitude Economy Development - Shenzhen aims to establish over 1,000 low-altitude flight platforms and exceed 1,000 commercial flight routes by 2025 [3] - Zhejiang Province plans to build 20 A-class general airports and 150 public drone landing sites by 2027 [3] - Shanghai targets a comprehensive low-altitude communication network by 2026 [3] Company Performance - WanFeng AoWei has multiple aircraft models certified, with a strong R&D presence in Austria, Canada, and China [3] - EHang Intelligent's revenue reached 102 million RMB in Q2 2024, with a significant year-on-year growth [4] - WoLong Electric Drive has developed a comprehensive strategy for aviation electric drive systems [4] Investment Opportunities - The report highlights investment opportunities in complete aircraft, power systems, and air traffic management, recommending companies like EHang Intelligent and WanFeng AoWei for their growth potential [4]

证 券 研 究 报 告 ——香港双重主要上市在即，淘天商业化将进一步加速 | --- | --- | |--------------------------|------------------------------| | 市场数据： | 2024 年 8 月 23 日 | | 收盘价（美元） | 85.41 | | 纳斯达克指数 | 17877.79 | | 52 周最高/最低（美元） | 65.78/94.18 | | 美股市值（亿美元） | 2065 | | 流通股（亿股） | 193 | | 汇率（人民币/美元） | 7.14 | -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% IXIC.GI BABA.N 资料来源：Bloomberg 买入（维持）投资要点： ⚫ 8 月 23 日，阿里公告将于 8 月 28 日自愿转换为港交所及纽交所双重主要上市，不涉及新 股发行或融资。 ⚫ 香港双重主要上市后，流动性有望边际改善。随着阿里 28 日完成双重主要上市，公司将最 早有可能于 9 月 9 日左右纳入港股通，有望带来流动性边际改善。同时，阿 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite market pressures [5][6]. Core Insights - The company reported a revenue of 7.1 billion HKD for the first half of 2024, a year-on-year increase of 9.3%, and an adjusted net profit of 358 million HKD, up 67.3% year-on-year [5]. - The gross profit margin improved to 25.9%, reflecting a 1.7 percentage point increase year-on-year, indicating stable revenue and profitability [5]. - The company opened 402 new stores in the first half of 2024, bringing the total to 6,631 stores, with 58.2% located in lower-tier markets [5]. - The platform has accumulated 126 million registered users, with 11.5 million monthly active users, a 15.8% increase year-on-year [5]. - The company is focusing on enhancing service quality and user experience, which has led to a 40% reduction in complaints related to excessive sales practices [5]. Financial Summary - The company forecasts total revenue for 2024 to be 14.67 billion HKD, with a projected net profit of 570 million HKD, corresponding to a PE ratio of 22 [6][7]. - Revenue growth rates are expected to be 7.8% in 2024, 10.5% in 2025, and 11.1% in 2026 [7]. - The net profit is projected to increase significantly, with estimates of 1.008 billion HKD in 2025 and 1.434 billion HKD in 2026, reflecting a strong recovery from previous losses [7].