Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6][14][18]. Core Insights - The company reported a 10.4% year-on-year revenue growth to 7.2 billion RMB in the first half of 2024, with a net profit increase of 13% to 750 million RMB, driven by robust performance from the main brand and strong growth from new brands in mainland China [6][14]. - The main brand's revenue grew by 6.6% to 5.79 billion RMB, accounting for 80.4% of total revenue, with children's revenue increasing by 18% [6][14]. - The company has adjusted its growth target for the professional sports segment, which saw a 72.2% revenue increase to 590 million RMB, exceeding its initial growth target [6][14]. - The operational metrics show improvement, with a gross margin increase to 46% and a significant improvement in cash flow, with net operating cash flow rising by 212% to 830 million RMB [6][14]. - The company has approved the divestiture of the K&P brand, which is expected to reduce losses and improve overall profitability [6][14]. Summary by Sections Financial Performance - Revenue for FY2024E is projected at 13.646 billion RMB, with a year-on-year growth rate of -5% [6][14]. - Net profit for FY2024E is estimated at 1.252 billion RMB, reflecting a 21% increase compared to the previous year [6][14]. - The gross margin is expected to improve to 45% in FY2024E, maintaining this level through FY2026E [6][14]. Brand Performance - The main brand's revenue growth is supported by a strong online presence, with e-commerce sales growing over 20% and accounting for more than 30% of main brand revenue [6][14]. - The professional sports segment's revenue growth has led to an upward revision of its annual growth target to over 50% [6][14]. - The fashion sports segment also showed significant growth, with a 9.7% increase in revenue to 820 million RMB, particularly strong in mainland China [6][14]. Operational Efficiency - The company has improved its operational efficiency, with a decrease in average inventory turnover days by 21 days to 94 days [6][14]. - The overall operating profit margin has increased to 15.2%, with a net profit margin of 10.4% [6][14]. - The divestiture of the K&P brand is expected to enhance the company's financial performance by reducing losses associated with that brand [6][14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [5]. Core Insights - The company experienced a year-on-year decline in net profit of 22.7% for the first half of 2024, attributed to a significant increase in accounts receivable, despite achieving a revenue growth of 9.6% to 17.56 billion yuan [5]. - The company declared a high dividend payout ratio of 100%, with a mid-term dividend of 1.022 yuan per share, reflecting a dividend yield of 6.5% [5]. - The report highlights the company's strategic focus on enhancing efficiency through its "Butterfly City" initiative, which has led to a 13% increase in property management gross profit [5]. Financial Performance Summary - For the first half of 2024, the company reported: - Revenue of 17.56 billion yuan, with residential property management, commercial city services, and technology services contributing 57.5%, 34.5%, and 8% respectively [5]. - Gross profit of 2.4 billion yuan, with a gross margin of 13.6% [5]. - Core net profit of 1.2 billion yuan, down 2.7% year-on-year [5]. - The company’s accounts receivable increased by 28% year-on-year, reaching 9.4 billion yuan [5]. Business Segment Analysis - **Residential Property Management**: - Revenue increased by 11.8% to 10.1 billion yuan, with a gross margin of 15.1% [5]. - The company managed to achieve a saturation income of 31.9 billion yuan, up 8.8% year-on-year [5]. - **Commercial City Services**: - Revenue grew by 7% to 6.1 billion yuan, but gross profit fell by 32% to 430 million yuan, with a gross margin of 7.1% [5]. - **Technology Services**: - Revenue rose by 5.7% to 1.39 billion yuan, with a gross margin of 31.6% [5]. Future Earnings Forecast - The report projects the company's earnings for 2024 to be 1.86 billion yuan, with subsequent years forecasted at 2.04 billion yuan for 2025 and 2.25 billion yuan for 2026 [6]. - The expected revenue growth rates for the next few years are 27% for 2024, followed by 10.2% and 9.7% for 2025 and 2026 respectively [6].

房地产 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） | 3.10 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 4.98/2.34 | | H 股市值（亿港币） | 98.07 | | 流通 H 股（百万股） | 3,163.65 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 邓力 A0230523050001 dengli@swsresearch.com 联系人 邓力 (8621)23297818× dengli@swsresearch.com 2024 年 08 月 25 日 绿城服务 (02869) ——业绩高增，利润率修复，费用率改善 买入（维持）投资要点： ⚫ 24H1 营业收 ...

上 市 公 司 社会服务 2024 年 08 月 25 日 东方甄选 (01797) ——多直播间战略持续推进，品类扩张促进销售放量 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） | 10.88 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 46.80/8.92 | | H 股市值（亿港币） | 112.21 | | 流通 H 股（百万股） | 1,031.30 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -76% -26% 24% HSCEI 东方甄选 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 中性（维持）投资要点： 东方甄选公布 24 财年业绩，扣除已出售的在线教 ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4] Core Views - Geely Automobile has reached an operational turning point, with sales driving profit growth [4] - The company reported a revenue of HKD 107.3 billion for H1 2024, a year-on-year increase of 47% [4] - The gross profit margin improved to 15.1%, up 0.7 percentage points year-on-year, with Q2 gross margin at 16.5%, reflecting a quarter-on-quarter improvement of 2.84 percentage points [4] - The company delivered 956,000 vehicles in H1 2024, a 41% increase year-on-year, with new energy vehicle sales reaching 320,000, up 116.9% [4] - Geely's sales in China were 758,000 units, a 35% increase year-on-year, ranking second among domestic brands [4] - The report anticipates the establishment of 3-4 KD factories in H2 2024 to enhance global presence [4] - The company is entering a new vehicle cycle, with several new models expected to launch, which will support further sales growth [4] Summary by Sections Financial Performance - H1 2024 revenue was HKD 107.3 billion, with a net profit attributable to shareholders of HKD 10.6 billion, a significant increase of 574.7% year-on-year [4] - The adjusted net profit, excluding one-time gains, was HKD 3.37 billion, a 114.4% increase year-on-year [4] - The average selling price (ASP) per vehicle was HKD 105,000, a slight increase of HKD 4,000 year-on-year [4] Future Outlook - The report projects revenue growth for 2024-2026, increasing estimates from HKD 217.2 billion, HKD 246.4 billion, and HKD 271.4 billion to HKD 224 billion, HKD 257.5 billion, and HKD 285.3 billion respectively [4] - Net profit forecasts were adjusted from HKD 7.4 billion, HKD 9.1 billion, and HKD 11 billion to HKD 14 billion, HKD 9.5 billion, and HKD 11.6 billion respectively for the same period [4] - The report emphasizes the importance of the profitability of the Galaxy brand and the performance of the Zeekr brand in maintaining competitive advantage in the market [4]

Investment Rating - The report maintains a "Buy" rating for Bilibili (09626) [3][4] Core Insights - Bilibili's Q2 2024 revenue reached 6.13 billion CNY, a year-on-year increase of 16%, slightly exceeding consensus expectations, with a narrowing adjusted net loss of 270 million CNY [3][4] - The company reported a net operating cash flow of 1.75 billion CNY, an increase of 1.11 billion CNY from Q1 [3] - Deferred revenue as of June 30 was 3.7 billion CNY, up 740 million CNY from March, indicating certainty in future revenue growth [3] User Engagement - Bilibili's Q2 Monthly Active Users (MAU) stood at 336 million, a year-on-year increase of 4%, with Daily Active Users (DAU) at 102 million, up 6% [4] - The DAU/MAU ratio improved to 30.4%, and average daily usage time per user increased by 5 minutes to 99 minutes [4] Financial Projections - The adjusted net profit forecasts for 2024-2026 have been revised to -45 million CNY, 1.512 billion CNY, and 3.067 billion CNY respectively, up from previous estimates of -415 million CNY, 1.028 billion CNY, and 1.882 billion CNY [4] - Revenue projections for 2024-2026 are set at 26.537 billion CNY, 31.046 billion CNY, and 33.278 billion CNY, reflecting growth rates of 18%, 17%, and 7% respectively [5] Gaming Performance - Q2 gaming revenue was 1 billion CNY, a year-on-year increase of 13%, exceeding expectations [6] - The performance of the game "Three Kingdoms: Strategy" is expected to significantly contribute to revenue in H2 2024 [6] Advertising Growth - Q2 advertising revenue reached 2 billion CNY, a historical high with a year-on-year growth of 30% [6] - Growth was driven by improvements in e-commerce advertising and enhanced efficiency from AI [6] Value-Added Services - Revenue from value-added services in Q2 was 2.6 billion CNY, a year-on-year increase of 11%, slightly below expectations [6] - Revenue from IP derivatives and other services was 500 million CNY, down 4% year-on-year [6] Profitability Improvement - Q2 gross margin was 29.9%, an increase of 6.8 percentage points year-on-year and 1.6 percentage points quarter-on-quarter [6] - The company has achieved eight consecutive quarters of gross margin improvement, with effective cost control in G&A and R&D expenses [6]

环保 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 上 市 公 司 公 司 研 究 / 公 司 深 度 2024 年 08 月 26 日 瀚蓝环境 (600323) ——稳健运营的综合环境服务商，成长与分红兼备 报告原因：首次覆盖 | --- | --- | |------------------------------------|-------------------------------| | | | | | | | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（元） | 21.36 | | 一年内最高/最低（元） | 23.32/14.15 | | 市净率 息率（分红/股价） | 1.4 2.25 | | 流通 A 股市值（百万元） | 17,416 | | 上证指数 / 深证成指 | 2,854.37/8,181.92 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 202 ...

上 市 公 司 计算机 2024 年 08 月 24 日 广联达 (002410) ——施工业务转型影响增速，建筑数智化具备潜力 | --- | |---------------------| | 2024 年 08 月 23 日 | | 9.68 | | 26.28/8.35 | | 2.7 | | 0.72 | | 15,375 | | 2,854.37/8,181.92 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 3.54 | | 资产负债率% | 35.00 | | 总股本/流通 A 股（百万） | 1,652/1,588 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2309-2310-2311-2312-2301-2302-2303-2304-2305-2306-2307-2308-23 -80% -60% -40% -20% 0% 20% 广联达 沪深300指数 (收益率) 证券分析师 黄忠煌 ...

上 市 公 司 机械设备 2024 年 08 月 25 日 中国中车 (601766) ——业绩略超预期，利润水平明显提升 | --- | --- | |-------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（元） | 8.09 | | 一年内最高/最低（元） | 8.13/5.03 | | 市净率 | 1.4 | | 息率（分红/股价） | 2.47 | | 流通 A 股市值（百万元） | 196,812 | | 上证指数/深证成指 | 2,854.37/8,181.92 | | | | 投资要点： | --- | --- | |--------------------------|---------------| | 每股净资产（元） | 5.59 | | 资产负债率% | 58.31 | | 总股本/流通 A 股（百万） | 28,699/24,328 | | 流通 B 股/H 股（百万） | -/4,371 | 一年内股价与大盘对比走势： 08-2309-2310-2311-2312-230 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5][8]. Core Insights - The company reported a strong performance in its 2024 mid-year report, with a revenue of 7.206 billion yuan, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 548 million yuan, up 18.4% year-on-year [5][8]. - The company is focusing on innovation in metal packaging, with significant growth in the sales of two-piece and three-piece cans, contributing to a revenue increase in this segment [5][8]. - The decline in raw material costs, particularly tinplate, has positively impacted profit margins, with a gross margin of 17.8% in the first half of 2024, an increase of 1.9 percentage points year-on-year [5][8]. - The company is optimizing its production capacity for two-piece cans, which is expected to improve profitability in the long term due to a better competitive landscape and increased demand for differentiated can types [5][8]. Financial Summary - The company achieved a total revenue of 14.573 billion yuan in 2024E, with a projected year-on-year growth rate of 5.3% [6]. - The net profit attributable to shareholders is forecasted to reach 885 million yuan in 2024E, reflecting a growth rate of 14.3% [6]. - The gross margin is expected to stabilize around 16.0% in 2024E, with a gradual improvement in profitability anticipated through 2026E [6][8].